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Media24 has announced major restructuring plans, including the closure of five magazines and several newspapers.
The company made the announcement on 7 July, with the planned restructuring expected to affect over 500 staff members.
CEO Ishmet Davidson said that the coronavirus pandemic had negatively affected business and worsened the decline of the print industry.
As a result, the company plans to close a number of its print publications and move some to digital-only publishing.
“The pandemic has accelerated the pre-existing and long-term structural decline in print media, resulting in a devastating impact on our own already fragile print media operations with significant declines in both circulation and advertising since April,” Davidson said in the announcement.
The company will announce final decisions following the consultation process with employees.
However, it outlined a number of planned closures of major magazines. Several community newspapers will also close, along with planned newspaper merges.
Media24 will also outsource the publication of numerous magazines.
The COVID-19 pandemic has negatively affected businesses both large and small in South Africa.
In fact, the pandemic caused a 32% revenue decline in the local startup sector.
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