CEO of Media24 Ishmet Davidson announced that a proposed restructuring of the company could lead to at least 400 job losses.
"To just throw them away for the sake of more profit is not acceptable," CEO of Solidariteit Dirk Herman said.
With only a small print media portfolio remaining, Media24 also decided to divest of its media logistics business, On the Dot.Most people prefer to read on cell phones or laptops “As a result, our titles in the northern region have been on life support for a while. Combined losses are projected to mount to R200 million over the next three years. After years of cutbacks, we’ve reached the end of cost reductions to try save these print operations. We’ve simply run out of options.
“The consultation process with staff members is expected to be completed over the next three months, with 30 September earmarked as the last day of publication for the affected newspapers. We are fully committed to managing this highly sensitive consultation with compassion. We will follow the processes prescribed by law and intend to keep job losses — particularly amongst our journalists — to a minimum. Unfortunately, we cannot share any further details until the process has been concluded.
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