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24.com embarks on restructuring process

Nov 28 2018 13:14

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.

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