It has been announced that he has signed the deal for R2bn and it now awaits regulatory approval, but there is no word on who the members of his consortium are or how it is being paid for.
This is very concerning. Survé was given the benefit of the doubt when he was announced as the leading candidate to buy the large newspaper group, but it is impossible to take a view on his purchase if we don't know who is involved or how it is being funded. Survé's own company, Sekunjalo, does not seem big or cash-rich enough to be funding this themselves.
When the deal was first announced, Survé quickly returned my call and said all the right things about investment and respect for editorial. This week he has ignored my calls*, and those of other journalists I have spoken to who are now looking to put some meat on the bones of the story.
Survé made big promises about investing in these newspapers and taking the group into Africa. But this optimistic view by someone who does not know the media industry well will have to take a dose of reality. The group is profitable, but the newspapers in it are almost all in a state of decline as a result of a decade of low investment and cost-cutting. That is why the level and nature of the debt incurred to buy the groups is important, especially given the boldness of Survé's promises.
The purchase of one of the country's biggest newspaper groups is of huge public interest, and cannot be done in such secrecy. Survé owes it to his staff, his readers and the general public to open up.
*UPDATE: Within minutes of posting this, Survé called me to say he had given undertakings not to reveal details until the stage of shareholder approval. But he assured me I was going to like the consortium, which included trade unions groups, community organisations and some shares for staff. I eagerly await details and will withhold judgement until we have them. We are all hoping for major changes in this newspaper, group, with new energy, investment and ideas, and Dr Survé is promising it - so we will watch carefully.
