NCBL acquires majority shareholding of Mail & Guardian

Trevor Ncube, Chief Executive of NCBL, takes over as Chairman and Chief Executive of M&G with immediate effect replacing Govin Reddy who will continue to work for M&G on a consultancy basis and will remain a member of the board. Bob Phillis, Chief Executive of Guardian Media Group plc (GMG) and Chairman of its wholly owned subsidiary Guardian Newspapers Limited, steps down as Chairman of M&G but will remain a Non-Executive Director. NCBL, which is advised and supported by African Banking Corporation Holdings, was established to facilitate the acquisition of M&G.

Trevor Ncube is the majority shareholder, Publisher and Chief Executive of two privately owned newspapers, the Zimbabwe Independent and The Standard. Commenting on the acquisition, he said: "My company's long-term vision is to be a regional media player and the Mail & Guardian with its strong presence in the Southern African region has presented us with an opportunity to set this in motion. The Mail & Guardian is a quality product that has a proven track record in the democratic transformation taking place in South Africa and in the continent's rebirth. Indeed, the Mail & Guardian is a giant symbol of press freedom. It has been a long-standing goal of mine to be associated with such an emblematic champion of the struggle for a democratic dispensation, not just in South Africa but in the region as a whole. Its distinguished past is matched only by its potential for growth. I am a strong believer in press freedom as a vital ingredient of democracy and economic prosperity.

"As Africa battles to deal with the numerous challenges presented by the new millennium, it will need voices that articulate its aspirations and achievements to the rest of the world and hold its political and business elites to account. The Mail & Guardian is well positioned to play this important role as Africa's commitment to a new partnership with the international community unfolds.

"Govin Reddy and the entire management and staff at the Mail & Guardian have done a sterling job of providing South Africa and the rest of the region with such an excellent publication. Bob Phillis and all at Guardian Newspapers Limited deserve a special mention for without their support to the paper over the past 10 years we wouldn't be here now. I am delighted that Guardian Newspapers Limited will retain an editorial and financial commitment to the company."

Bob Phillis said: "Throughout our 10 year interest in M&G, we have ensured the viability of the Mail & Guardian as an editorially independent title and we believe it has a strong base on which to grow in the hands of an African owner. It is critical to GMG, Guardian Newspapers Limited and our owners The Scott Trust that the standards of journalism and editorial independence of M&G are not compromised. Trevor is a successful, independent newspaper publisher who respects the ethos of the Mail & Guardian and we are confident that the business will prosper under his control."

Govin Reddy added: "The Mail & Guardian is fortunate to have Trevor Ncube succeed Guardian Newspapers Limited as the principal shareholder. I have had the privilege of knowing Trevor since my days in exile in Zimbabwe in the 1980s. He is an outstanding champion of press freedom and embodies the ethos of the Mail & Guardian. Under his stewardship, the newspaper will not only retain its reputation for independence and courageous journalism, but is poised to extend its influence beyond our borders."

Howard Barrell, Editor of the Mail & Guardian, said: "Trevor Ncube is precisely the kind of new owner editorial staff have hoped for. He is a man of proven courage, independence of mind and business acumen. We look forward immensely to working for Trevor."

M&G Media Limited's business interests include the Mail & Guardian weekly newspaper, The Teacher a monthly newspaper and Earthyear, a bi-annual magazine. It also owns a 35 per cent stake in DM&G, the online version of the Mail & Guardian.

As part of the terms of the sale, Guardian Newspapers Limited will continue to provide print and on-line news content to M&G while M&G will continue to publish advertisements originating in the Guardian Weekly, the UK Guardian's international news digest. Guardian Newspapers Limited will also retain a seat on the M&G board. The Guardian Foundation, GNL's charitable foundation, will continue to support trainee journalists in South Africa.