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Daily Maverick reports that about 259 Independent Media jobs are in jeopardy pending a second round of retrenchments in less than a year.
Executive chairperson Dr Iqbal Survé on Friday said the cost of running print titles had become unsustainable for Independent Media, Sekunjalo and the Survé family. “Print media has been an iconic pillar of our company for decades, but the current business model is no longer sustainable in a world where digital platforms offer far greater reach and engagement opportunities. After a thorough evaluation, the company has determined that further restructuring is critical to its long-term sustainability,” he indicated. Independent Media retrenched a third of its staff in November. Survé acknowledged that while every effort would be made to mitigate the effects of the restructuring, not all employees would transition into the expanding digital division. According to a spokesperson, no final decisions have been made. “The consultation process has been initiated, and we are bound by the timeframes in terms of S189 (A) of the Labour Relations Act. The consultation process will shape the final outcome of what the restructured business will look like and which, if any, publications will be affected,” the spokesperson said. Independent Media has noted that a central factor driving the restructuring decision was the threat of the closure of the company’s banking facilities. The Constitutional Court recently turned down leave to appeal against a Supreme Court of Appeal finding which authorised Nedbank to close the accounts of the Sekunjalo group, which owns Independent Media.
- Read the full original of the report in the above regard by Neesa Moodley at Daily Maverick
- Read too, Independent Newspapers shakes up operations for survival in shifting media landscape, at The Citizen
Get other news reports at the SA Labour News home page