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CategoriesPartnersSpecial sectionsLifestyleArchivesIn the news | Will ThisDay live to fight another day?Nigerian publisher of ThisDay, Nduka Obaigbena, has assured creditors and staff of the daily newspaper, that he will not turn his back on the substantial investment his media empire has made in South Africa. Talks, brokered by ABSA, are ongoing with investors to try resolve the financial crisis the paper finds itself in. On Tuesday, the management and staff of ThisDay newspaper held a series of meetings to determine the future of their quality national newspaper. This follows interruption of printing on Monday evening for Tuesday's edition, this week, after Caxton refused to publish, allegedly due to monies owed. "In order to reassure our readers, advertisers, staff and supporters, we have taken the following decisions," said Nduka Obaigbena, Chairman of ThisDay, in a statement to the media and staff: "We would like to take this opportunity to thank all those who have supported this small yet feisty newspaper in its endeavours over the past year. We have invested R170 million in South Africa and will, over the next three months while we negotiate with potential partners, invest millions more. We believe that there is space for a quality national newspaper in this country and our enthusiasm for this project has not dimmed," Obaigbena reiterated. He also disputed newspaper reports that ThisDay owed up to R14 million in unpaid taxes, rent, salaries, unpaid suppliers and staff pension fund contributions, saying debt stood at "a few million". He said staff had been paid outstanding monies owed from their September salaries shortfall, and that October staff salaries would be paid by next week. I-Net Bridge also reported Wednesday that staff retrenchments were imminent.
About Louise MarslandLouise Marsland is an independent editor, journalist, trainer, speaker and blogger in the media, marketing and advertising industry in South Africa, and a specialist in B2B media. Email her on , read her www.bizcommunity.com/Blog/LouiseMarsland/ blog on Bizcommunity and follow her on Twitter at @Louise_Marsland.
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