NASPERS’ Media24 unit announced on Tuesday that it is considering the closure of five magazines and two newspapers, outsourcing and reducing the frequency of its remaining monthly magazines, taking two newspapers digital only and reducing staff in related support services.
The company said it will start consultations with its media staff on Tuesday, according to Ishmet Davidson, CEO of Media24.
The changes will affect about 510 of the 2,971 staff at the unit, which also has interests in e-commerce and book publishing.
“From the earliest days of the pandemic in South Africa, everything we’ve done focused on two main priorities. Firstly, the health and safety of our people, and secondly, business continuity – by implication also protecting employment for as long as possible,” said Davidson.
“However, the pandemic has accelerated the pre-existing and long-term structural decline in print media, resulting in a devastating impact on our own already fragile
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