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Up to 400 job losses loom as major newspapers at Media24 face closure

Details

Media24The Citizen reports that in a bombshell announcement on Tuesday, Ishmet Davidson, CEO of Media24, announced that a proposed restructuring of the company could lead to the loss of at least 400 jobs.

He further announced that the company’s community newspaper portfolio had been sold to Novus Holdings, subject to regulatory approvals. An estimated 400 more positions will be transferred to Novus Holdings. With only a small print media portfolio remaining, Media24 also decided to divest of its media logistics business, On the Dot. While the print editions of Beeld, Rapport, City Press, Daily Sun and Soccer Laduma will be closed, the digital (PDF) editions of Volksblad and Die Burger Oos-Kaap, and the digital hub SNL24 will also be shut down. Rapport and City Press will be hosted as digital brands. The consultation process with staff members is expected to be completed over the next three months, with 30 September earmarked as the last day of publication for the affected newspapers. Davidson said that their print titles in the northern region had been on life support for a while. “Combined losses are projected to mount to R200 million over the next three years. After years of cutbacks, we’ve reached the end of cost reductions to try save these print operations. We’ve simply run out of options,” he indicated. The remaining viable brands will move fully to digital. CEO of Solidariteit Dirk Herman said in reaction: “It affects our community, but it also affects our members. Solidary will consult with the company. They are obligated to consult with us, and we will protect our members. However, we also want to protect our community. This company historically has a special relationship with the Afrikaans community.”

  • Read the full original of the report in the above regard by Carien Grobler at The Citizen
  • Read too, 400 jobs at risk as Media24 considers newspaper closures, at BusinessLive
  • And also, AfriForum concerned over closure of Media24’s Afrikaans titles amid closure and sale of titles, at The Star


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