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Newspapers News South Africa

Media24: To close or not to close some newspapers (yet anyway)

Reports by MoneyWeb that Media 24 is planning to close a number of its newspapers have been refuted by Media 24 CEO Ishmet Davidson.
Source: © Mail&Guardian  Media24 has refuted a report that it is to close four newspapers
Source: © Mail&Guardian Mail&Guardian Media24 has refuted a report that it is to close four newspapers

Davidson is quoted in Business Live stating that “while the group constantly reviews business operations, it has at yet made no decision regarding the closure of its print brands”.

The same quote appears in MoneyWeb’s article, “Media24 continuously reviews its operations to protect viability and long-term sustainability within the context of its transition to an increasingly digital media landscape. 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 on the details of any internal processes."

However in Business Live Davidson calls the Moneyweb report as ‘half-baked’, saying "it had caused anxiety among staff".

Today, Thursday 13 June, MoneyWeb published an article saying that the media house would close four iconic newspapers; City Press, Rapport, Beeld and Daily Sun.

MoneyWeb quotes four sources at the media company who have independently confirmed that a decision has been taken to close them.

It understood that the axe could fall in October.

It’s further understood, says MoneyWeb that the only print publication in the stable remaining in circulation is the Cape Town-headquartered Die Burger.

Reaction to the report has been quick on X (Twitter) from well-known journalists and editors and media commentators across the country.

The last Audit Bureau of Circulations of South Africa (ABC) figures, Q1 2024, showed a 1.6% decrease in circulation from the previous quarter to this quarter. Dailies have been on a losing streak in terms of circulation for some time now.

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