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Media24 says S189 will continue as it awaits Competition Commission ruling
Media24 has paused job cuts and newspaper closures as it awaits a ruling from the Competition Commission regarding its planned sale of assets.
Source: www.unsplash.com
Pending decision
The company initially announced in June its intention to cut up to 400 jobs and close several newspapers including City Press, Daily Sun and Beeld to streamline operations and adapt to the changing media landscape.
In addition, it will sell On the Dot, the media logistics business, and the community newspaper portfolio to Novus Holdings, subject to regulatory approvals.
It also plans to cease publishing the digital editions of Volksblad and Die Burger Oos-Kaap.
Meanwhile, Rapport, City Press and Daily Sun will continue as "digital-only brands".
However, these plans are now paused, pending the Commission's decision, which will determine the future course of action for Media24's restructuring efforts.
The outcome will significantly impact the company's workforce and its presence in the South African media market.
According to MoneyWeb, the head of Media24 Ishmet Davidson said this about the pause: "It never was our intention to do so before approval from the relevant authorities since the sale of On the Dot is a direct consequence of our intention to close the affected titles. However, it is important to note that this undertaking does not include ceasing the Section 189 consultation process related to the affected newspaper titles. As we have said on numerous occasions, we intend to comply with the relevant regulatory and statutory requirements.”
Far-reaching consequences
He said the process could take two to three months.
He added in a comment to News24: "However, it is important to note that this undertaking does not include ceasing the actual S189 consultation process as it relates to the affected newspaper titles and the proposed closure of the digital hub SNL24."
According to News24, trade union Solidarity has urged Media24 to halt the process of shutting down its newspapers, warning that such actions would have "far-reaching consequences for the entire media landscape in South Africa."
In other reports, Caxton and CTP Publishers and Printers Limited have allegedly made a commercial offer proposing alternative solutions to the operational reasons Media24 cited for potential retrenchment.
Solidarity has emphasised the importance of thoroughly considering any alternatives to retrenchment before proceeding.
