About 400 Media24 employees are set to lose their jobs when the media company shuts down a number of its print publications.
About 400 Media24 employees are set to lose their jobs when the media company shuts down a number of its print publications including Beeld, Rapport, City Press, Daily Sun and Soccer Laduma, as well as the digital (PDF) editions of Volksblad and the digital hub SNL24.
While Rapport, City Press and Daily Sun will now be digital-only brands, the company confirmed the sale of On the Dot, the media logistics business, and the community newspaper portfolio to Novus Holdings, subject to regulatory approvals.
Media24 chief executive Ishmet Davidson said the consultation process was expected to be completed over the next three months.
September 30 has been earmarked as the last day of publication for the affected newspapers.
Die Burger and Son in the Western Cape were unaffected by the changes.
“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 September 30.
“We also intend reducing our corporate and support services and operational costs in line with the changes made in our operations.
“We are fully committed to managing this highly sensitive consultation with compassion while following the processes prescribed by law and intend to keep job losses – particularly among our journalists – to a minimum.
“Unfortunately, we cannot share any further details until the process has been concluded,” said Davidson.
The titles to be shut down have been on “life support” for a while, with combined losses projected to be R200 million over the next three years.
“After years of cut-backs, we’ve reached the end of cost reductions to try to save these print operations. We’ve simply run out of options.”
Cape Times
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