The bid by Times Media Group for Avusa succeeded yesterday when 78.54% of Avusa shareholders voted in favour of the deal at a general meeting of ordinary shareholders in Rosebank.
TMG, formerly known as Richtrau, needed the support of 75% of shareholders to effect the deal.
Avusa owns newspapers the Sunday Times, The Times and Sowetan, and entertainment companies Gallo and Nu-Metro.
It is hoped the deal will pave the way for a strategy that will turn around the fortunes of the company, which has under-performed financially.
Shares in Avusa extended their gains after the vote. At 10.47am they rose 4.51% to R22.47.
TMG, a unit of Mvelaphanda Holdings with shares in Avusa, had offered to buy Avusa for R24 a share in cash.
The bidders' plan is to turn the company around - it has experienced declining profits for two successive reporting periods. TMG's plan is to tackle "key issues inhibiting Avusa".
These include a "disparate and unstable board, divergent shareholder views, the lack of a coherent strategy, inefficient processes and significant cost structures".
The bidders also plan to encourage synergies and collaboration among Avusa's business units.
In a letter to staff, acting CEO Mike Robertson said: "We see this event as marking a new era for the Avusa business and as testament to the support that shareholders have given to the turnaround strategy outlined by TMG.
"The new strategy will see us driving the group's performance by refocusing the business on its key drivers [content, brands, people and distribution], leveraging the strengths of the combined business, solidifying existing strong market positions, establishing organisational stability and driving a multi-platform focus," Robertson said.
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