Positive reaction to Mail & Guardian acquisition by MDIF

12 Dec 2017

NEWSWATCH: The Mail & Guardian reports that it has been acquired by the Media Development Investment Fund (MDIF). Former publisher Trevor Ncube has also left the company.

As a result of the deal, the MDIF is now the majority shareholder of M&G Media Limited and current CEO Hoosain Karjieker becomes a minority shareholder.

The new owners of @mailandguardian: @mdiforg and @HoosainK with the Media Investment Fund holding the majority share. pic.twitter.com/vFnq9CaKNC
— Mia Malan (@miamalan) December 12, 2017

The MDIF is a New York-based non-profit organisation founded in 1996. It reportedly has a long history with the M&G, dating back to a loan it extended to the company in 2003.

Independent editorial integrity

Comments from social media have been positive, as the acquisition is expected to mean the paper's independent editorial integrity will be upheld.

Good News for a fine fearless investigative newspaper needed now more than ever @mailandguardian https://t.co/8HNAG8lT32
— Peter Hain (@PeterHain) December 12, 2017

The @mailandguardian is under new owners. Huge vote of confidence in SA's most venerable publication - and a guarantee of a bright future https://t.co/hHGTEQa9bW
— Simon Allison (@simonallison) December 12, 2017

M&G editor-in-chief Khadija Patel is encouraged by the acquisition news, as she says:

“As a small independent publisher, the M&G feels the turmoil of the global media industry acutely. This now presents us with a real opportunity to alleviate our financial difficulties.”

Outgoing publisher Ncube takes full responsibility for what he calls "mistakes made during his tenure", and now assumes 100% of Alpha Media Holdings, which owns the Zimbabwe Independent and NewsDay Zimbabwe.

My Press Statement on changes in ownership of Alpha Media Holdings (Zimbabwe) and M&G Media(SA)
�� pic.twitter.com/pnwThZIkXo
— Trevor Ncube (@TrevorNcube) December 12, 2017