24.com embarks on restructuring process | Fin24
 
  • Credit Rating

    'I think Moody's will be happy' - President Ramaphosa says plan to deal with Eskom's debt is imminent.

  • 'No Basis in Fact'

    The PIC commission has slammed Iqbal Survé’s claims about Minister Pravin Gordhan.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

24.com embarks on restructuring process

Nov 28 2018 13:14
Fin24

Media24 CEO Ishmet Davidson announced on Wednesday that the company would be embarking on a restructuring process at its digital division, 24.com.

While Davidson said they were committed to a digital future, they were also committed to ensuring that shareholders get a return on their investment.

Asked about possible job losses, he said this was an internal legal process.

"Any job losses would be kept to a minimum," he said.

Media24 is owned by Naspers [JSE:NPN], Africa's largest company by value. Naspers is expected to release its interim results on Friday.

Several other media organisations have also announced restructuring recently.

This includes Independent Media and the cash-strapped SABC. In October, Independent confirmed it had kicked off its restructuring process which had affected multiple divisions.

At the time, it said it was unclear how many jobs would be affected but that it was "reviewing its workflows and aligning structures to streamline operations and optimise its efficiencies". The affected divisions were Lifestyle, Sport, Politics, Editorial Production and Live Editors.

Also in October, the SABC said in a statement it and labour had agreed to appoint a facilitator from the Commission for Conciliation, Mediation and Arbitration to consult with on restructuring which could affect 981 jobs.

The national broadcaster said it envisaged that all employees at all levels in the SABC would be affected by restructuring.

* Fin24 is part of Media24, a subsidiary of Naspers.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

NEXT ON FIN24X

 
 
 
 

Company Snapshot

#MINIBUDGET2019

Struggling power utility Eskom will take centre stage at this year's mini budget
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...