Media24 staff shocked and angry at possible massive job losses – More news

Several editors said they were shocked by the news that Media24 was exploring its options and could close four of its print publications.

An editor told TimesLIVE that employees were shocked and in shock at the news.

“We are in shock. The idea that we might be unemployed before the end of the year hit home. The fact that our CEO (Ishmet Davidson) could not tell those writing about the impending closure that they would not shut us down struck a chord,” the editor-in-chief said.

Yesterday, Moneyweb reported that City Press, Rapport, Beeld and the Daily Sun could close their doors and that this could happen as early as October.

Moneyweb said four sources within the media company independently confirmed a decision had been made to close the newspapers, while the only print publication that would remain in circulation was Die Burger.

A life-changing decision

Several staff members have now contacted TimesLIVE and said it was a decision that could change their lives.

Additionally, staff were angered by the poor communication demonstrated by Media24 executives.

“We are in shock. The idea that we might be unemployed before the end of the year hit us,” the source said.

The staffer added that editors were not involved in the discussion.

“If such a discussion exists, why not invite publishers to the discussion table? At this rate, we would have made a shocking decision in October and headed straight for a terrible vacation in December. The leak at least helps us withdraw our CVs,” the source added.

Davidson responds

Davidson spoke to Moneyweb and said Media24 constantly reviews its operations to protect the long-term viability and sustainability of the business.

He acknowledged that Media24, like most newspapers, is transitioning to a more digital media landscape.

“We will also continue to consult with staff on any potential and further actions and remain committed to due process.” We do not comment on rumors or speculation, nor on the details of internal processes,” Davidson said.

There is still hope for the staff

Davidson told BusinessLIVE the decision to ax the four newspapers was not set in stone and the company was considering several options.

“We’re looking at the whole business,” he stressed.

However, some staff members are not satisfied with Davidson’s response.

“I accept that no decision will be made. Why not say, unequivocally, that we are not closing our business but are considering moving our operations online? Why not rule out a total shutdown? This will calm the nerves. If a shutdown happens, it will be a bloodbath,” the staffer said.

Naspers share price

The Naspers share price was hit hard on Friday as the market reacted to the news of the delisting of the four stocks.

The share price fell 2.70% and was trading at around R3,743 at 4:30 p.m. on Friday.

At 9am this morning, the share price was trading at around R3,847.