Media24 to stop printing City Press, Beeld, Rapport and Daily Sun?
Media24 has confirmed it is reviewing its operations, which will likely see the closure of its mainstream newspapers, including City Press, Beeld, Rapport and 'the people's paper' Daily Sun.
According to Moneyweb, the closure is expected to come into effect in October.
However, print editions of Cape Town-based Die Burger is expected to remain in circulation.
Financial losses, rising distribution costs, declining advertising revenue, and a shift to online readership are some of the reasons cited for the move.
In a short statement, Media24 said it continuously reviews its operations to protect viability and long-term sustainability as it transitions to an increasingly digital media landscape.
"We will also continue to consult with staff about any potential and subsequent actions and remain committed to following due process,” said Ishmet Davidson, CEO of Media24.
"We do not comment on the details of any internal processes.”
In 2020, the media giant stopped its distribution of its popular magazines Drum, True Love and Move due to the Covid-19 pandemic.
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