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BusinessLive reports that Naspers executives have affirmed that its media division, which served as the cornerstone of the group’s global success, continues to be relevant.
They said the decision to shift a substantial portion of its print offering to digital-only publications was a strategic move to align with reader preferences. The group’s president and chief investment officer, Ervin Tu, said while the decision to do away with the print versions of City Press, Rapport, Beeld, Soccer Laduma and Daily Sun to digital products in a process that might lead to 400 job losses, it had not been taken lightly. It was a strategic move aimed at creating a profitable media house. “We are going where the readers are. Readers today around the world have moved very firmly onto the online world. I won’t be as bold as to say print is dead ... but much of the world, including SA, has moved to online. That is what we are investing in,” Tu said. He went on to indicate: “We also have to acknowledge that in that transition, there are difficult decisions that have to be made that affect people. We acknowledge that and don’t take decisions lightly.” As digital brands, the affected print publications will reside on the group’s Netwerk24 and News24 platforms. Media24 has reached a deal with Novus Holdings to sell its media logistics business, On the Dot, and its community newspaper portfolio, subject to regulatory approvals.
- Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive
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