Media24 HQ in Cape Town | Image: Twitter @Netwerk24
In a move that will affect 510 staff members, Media24 CEO Ishmet Davidson has confirmed the closure of five magazines, two newspapers and a selection of community newspapers.
Additionally, the legendary DRUM magazine will become a digital-only title while other publications will hit the shelves less frequently.
These and other changes were announced at a company ‘town hall’ held on Tuesday and were later confirmed in a statement issued by the CEO.
A list of changes in magazines:
“These proposed changes mark one of the most difficult chapters in not only our own history, but also that of the South African media industry at large,” Davidson told The Media Online.
“Media24 followed a 197 process for the outsourcing of the content production on the remaining monthly magazines. Consultations around this are continuing this week,” he added.
Similarly, changes to the company’s distribution divisions, as well as divisional and corporate services departments, will impact 660 positions.
Changes to newspaper division:
“Even with a return to pre-Covid-19 economic levels, the impact of the pandemic on our print media operations will be unrecoverable. Sadly, we have no choice but to restructure our business now to curtail the losses in our print portfolio and allow us to focus on keeping the retained titles sustainable and in print for as long as possible,” said Davidson in a statement.
He concluded by sharing a promise made to staff to “manage this process with fairness, respect and compassion,” adding that Media24 has put together a special pack that includes information on how Media24 will continue to assist the people affected over the next few months.
“This includes access to business advice and special offers to ease the transition to the next chapter of their lives.”
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