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Editors of newspaper titles facing possible closure did not know their company, Media24, was weighing its options about these titles, according to several senior editorial staff members.
“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,” said one of the editors.
Moneyweb reported on Thursday that Media24 was considering shutting down the print versions of City Press, Rapport, Beeld and Daily Sun in October. “Four sources at the media company have independently confirmed a decision has been taken to close them,” said the report. Davidson said the report was “half-cooked,” adding, “I’ve not made any announcements and am considering a host of options as the business goes.”
Staff members, however, told TimesLIVE the double-whammy of the potential life-changing decision and poor communication was unnerving.
“We are reeling from shock. The idea that we could be unemployed before the end of the year hit home. 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 shock decision in October and headed straight to a terrible December holiday. The leak at least helps us to take out our CVs,” said the second source.
Davidson earlier appeared to acknowledge the poor communication in his interview with Moneyweb, noting “anxiety runs through the entire industry and there’s the human factor to consider. We are now forced to talk to staff [by] doing internal communications even though no final decision has been made … I can’t say yay or nay”.
Davidson also told BusinessLIVE he had not made any decisions. “[We are] considering a host of options. We are looking at the entire business.”
A reporter at the company said: “I accept no decision is taken. Why not say, without any equivocation, we are not shutting down but considering moving operations to online? Why not rule out a total shutdown? That will calm the nerves. If a shutdown eventuates, it’s going to be a bloodbath.”
Naspers, which owns Media24, incurred $365m (R6.78bn) losses in the 2022 financial year, but these were reduced to $124m (R2.3bn) on September 30 last year. Its latest financial statements are due before the end of the month.
In 2020, Media24 announced the closure of Men’s Health, Women’s Health, Bicycling, Runner’s World, Son op Sondag and Sunday Sun and several community newspapers in a move that affected about 510 staff members. Media24 also outsourced the publication of True Love, Fairlady, SARIE and others while moving online the publication of Volksblad, Die Burger Oos-Kaap and other niche publications.
Davidson told the Competition Commission in March that despite Media24’s management of costs and an extensive subscription drive, revenue from subscriptions “has not nearly been sufficient” and News24 remains “unprofitable”.
TimesLIVE
