Media24, a prominent South Africa media conglomerate, is, according to a media release, selling a large number of its media businesses in the KwaZulu-Natal region of South Africa to Capital Newspapers for an undisclosed fee. The Witness, Weekend Witness, and two community newspapers, Echo and the Greytown Gazette are part of the deal.
In 2000, Media24 purchased a 50 per cent stake in Natal Witness Printing and Publishing and purchased the remaining shares in 2010.
In a press release, Media24 CEO Ishmet Davidson remarked that “the purchase mentioned above is part of the consolidation process the organisation began three years ago to reshape Media24 in an increasingly digital landscape.”
“Having The Witness, South Africa’s oldest continually published newspaper, in our portfolio has been a great privilege,” Davidson continued. “We are extremely proud of the team’s 175-year commitment to boldly holding the powers that be accountable and contributing to independent journalism in the region. Similarly, the four community newspapers are deeply anchored in and trusted by their respective communities.”
Capital Newspapers currently owns six newspapers in the Pietermaritzburg and Midlands area.
The transaction should be completed by July 1 2022, and the business will have been transferred to CN, along with the vast majority of the current workforce employed within the operations.
Davidson wished them and the titles all the best in their new home. “Thank you also to our faithful readers and advertisers for their support — it’s been an honour to be a part of our readers’ lives for more than two decades and to promote local businesses,” he concluded.
