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A bundle of newspapers on the table. Image: Pixabay

Media24 sells ‘the oldest continuously published newspaper’ in SA

Media24 announced the sale of its flagship KwaZulu-Natal publication – along with the bulk of its media operations in the province – on Monday.

newspaper breaking stories around the world

A bundle of newspapers on the table. Image: Pixabay

Publishing behemoth Media24 announced the sale of The Witness and the majority of its publications in KwaZulu-Natal (KZN) on Monday, 28 February. The deal is worth an undisclosed amount of cash.

MEDIA24 SELLS THE WITNESS

According to News24, The Witness, along with The Echo and Greytown Gazette form part of the sale to Capital Newspapers – the largest publisher of community newspapers in the KZN midlands region.

“This transaction is part of the consolidation process we embarked on three years ago to reshape Media24 in a landscape that is increasingly digital,” said Media24 CEO Ishmet Davidson.

“It has been a great privilege to have had The Witness, the oldest continuously published newspaper in South Africa, in our portfolio.

“We are very proud of the team’s continued commitment to fearlessly holding the powers that be to account and contributing to independent journalism in the region over the past 175 years. Likewise, the four community newspapers, that are deeply rooted in and trusted by the communities they serve,” he added.

The transaction and transfer are expected to be completely finalised by 1 July. The majority of staff currently employed is likely to be retained.

News24 says Media24 acquired a 50 percent stake in the Natal Witness Printing and Publishing company in 2000 and completely took over a decade later in 2010.

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