Media24 sells its media in KwaZulu-Natal to Capital Newspapers for an undisclosed amount. The sale includes: The witness† weekend witness and two community newspapersecho and the Greytown Gazette†
Media24 CEO Ishmet Davidson said in a press release announcing the sale that the transaction is part of the consolidation process the company began three years ago to reshape Media24 in an increasingly digital landscape.
Capital Newspapers confirmed the sale on its webpage and said it owns South Africa’s oldest continuously published daily newspaper, The witnessreturns to Pietermaritzburg with Media24 agreeing to sell the title and some of their domestic KwaZulu-Natal community newspapers to Capital Newspapers.
Media24 acquired a 50% stake in what was then called The Natal Witness Printing and Publishing Company in 2000 and ten years later bought the remaining shares of the Craib family that owned the now 176-year-old newspaper.
Riquadeu Jacobs, director of Capital Newspapers, said throughout its history: The witness made an indelible contribution to our current democracy.
“His fierce independence and tenacity in holding the power to account has been the hallmark of great journalism that has brought the newspaper national exposure.”
He said Capital Newspapers looks forward to his role and contribution as publishers in shaping a future for The witness that appeals to a cosmopolitan, upwardly mobile audience in digital and print formats.
According to the press release, the transaction is expected to close on July 1, 2022 and transfer operations to Capital Newspapers, including the vast majority of the employees currently employed. The release also stated that Davidson is not available for interviews or commentary.
Capital Newspapers currently owns six newspapers in the Pietermaritzburg and Midlands region.