Several editors have expressed their surprise at the news that Media24 is considering shutting down four of its print publications.
An editor shared with TimesLIVE that employees were stunned and struggling to process the information.
“We are reeling from shock. The idea that we could be unemployed before the end of the year hit home. That our CEO (Ishmet Davidson) could not say to those writing about the impending closure that they would not shut us down, hit a nerve,”
the editor remarked.
On Monday, Moneyweb reported that City Press, Rapport, Beeld, and the Daily Sun might cease operations as soon as October.
Moneyweb’s sources within the company confirmed independently that a decision had been made to close these newspapers, with Die Burger being the only print publication to continue.
Several staff members have reached out to TimesLIVE, describing the decision as potentially life-changing. Additionally, they criticized the management at Media24 for their poor communication.
“We are reeling from shock. The idea that we could be unemployed before the end of the year hit home,”
one source reiterated.
The staff member added that editors were excluded from these discussions.
“If there is such a discussion, why not invite the editors to the discussion table? At this rate, we would have woken up to a shocking decision in October and headed straight to a terrible December holiday. The leak at least helps us to take out our CVs,”
the source added.
Davidson spoke to Moneyweb, stating that Media24 constantly reviews its operations to ensure the company’s long-term sustainability.
He acknowledged that, like many newspapers, Media24 is moving towards a more digital media environment.
“We will also continue to consult with staff about any potential and subsequent actions and remain committed to following due process. We do not comment on rumours or speculation, nor the details of any internal processes,”
Davidson explained.
Speaking to BusinessLIVE, Davidson emphasized that the decision to cut the four newspapers is not final, and the company is exploring multiple options.
“We are looking at the entire business,”
he emphasized.
However, some staff are dissatisfied with Davidson’s response.
“I accept no decision is taken. Why not say, without any equivocation, that we are not shutting down but considering moving operations online? Why not rule out a total shutdown? That will calm the nerves. If a shutdown eventuates, it’s going to be a bloodbath,”
one staff member commented.
The Naspers share price reacted negatively on Friday following the news, dropping by 2.70% and trading at around R3,743 by 4.30 pm.
By 9 am this morning, the share price had slightly recovered, trading at approximately R3,847.
