IOL Business writes that media company Media24 has announced plans to close the print editions of five newspapers, while converting three of the titles into digital-only brands. This is according to a statement released by the company. The last publication date for the newspapers that will be closed is September 30, 2024. The company said that they will start consultations with staff, which will be completed over the next three months. The transfer of the sold businesses to its new owner will take place this week.
Media24 CEO Ishmet Davidson said the proposed restructure could result in the loss of at least 400 jobs while 400 other positions will be transferred to Novus Holdings. Davidson said: “We anticipate that the proposed restructure could result in at least 400 job losses, with 400 more positions transferring to Novus Holdings with the sale and some roles possibly needed beyond 30 September.” “We also intend reducing our corporate and support services and operational costs in line with the changes made in our business.”
Media24 said that their planned interventions are as following:
– Closure the print editions of five newspapers including Beeld, Rapport, City Press, Daily Sun and Soccer Laduma, as well as the digital (PDF) editions of Volksblad and Die Burger Oos-Kaap, and the digital hub SNL24.
– Evolving Rapport, City Press and Daily Sun into digital-only brands.
– Selling media logistics business On the Dot and the community newspaper portfolio to Novus Holdings which will be subject to regulatory approvals.
Rapport and City Press as digital brands will stay with Netwerk24 and News24 respectively readers and subscribers of the Beeld, Volksblad and Die Burger Oos can use News24 for news. Davidson said that they will be closing SNL24 to focus their two digital news brands. SNL24 interests will be sold in the profitable local newspaper sector. “Daily Sun (part of SNL24) represents an important segment of the middle market, that we will continue to serve with the relaunch of the brand as a standalone and free e-news site,” Davidson said. Die Burger and Son in the Western Cape will not be impacted by these changes. Media24 will also be divesting its media logistics business, On the Dot.
by Dhivana Rajgopaul