Media Monitoring Africa's William Bird has described the announcement by Media24 as a sad day for media diversity in the country.
This comes after the company announced a possible closure of five magazines and two newspapers due to the impact of coronavirus on an industry that was already struggling before the pandemic hit SA.
Media24 says around 510 staff members are expected to be affected, with a proposed reduction of close on 660 positions out of a total staff complement of some 2 900.
CEO Ishmet Davidson says the pandemic has accelerated the pre-existing and long-term structural decline in print media, resulting in a devastating impact on the company’s already fragile print media operations with significant declines in both circulation and advertising since April.
Consultation with staff will start immediately.
In the Eastern Cape, Media24 is considering closing 'Son' newspaper and to publish 'Die Burger Oos Kaap' as weekday digital editions only.
The iconic DRUM magazine will also be digital-only, going forward whilst the company is considering closing Men's Health, Women's Health, Move!, Bicycling and Runner's World.
