Non-profit now owns the M&G
The past four years have been an uphill battle for M&G Media Limited, with retrenchments, declining print circulation and dwindling advertising revenues.
By the end of 2017, Trevor Ncube, the former majority shareholder, said he was no longer in a position to invest in the publication.
The paper’s bleak financial position was blamed on mistakes, including losses incurred by the establishment of the digital news publication M&G Africa.
Murmurs of liquidation and failure to pay contributors and creditors were rife amid talk of investors with political affiliations.
During the Guptaleaks revelations it came to light that the notorious Gupta family was interested in the paper and was considering paying about R20-million for it.
At the time the Media
Development Investment Fund (MDIF) owned 10% of the company. In December 2017, the MDIF increased its shareholding, making it the majority shareholder, injecting much-needed capital. Chief executive Hoosain Karjieker has a minority shareholding and staff hold 10%.