MDIF buys majority stake in SA’s 'Mail & Guardian'
ENCA.COM / 12 DECEMBER 2017 -15.10 / STAFF REPORTER
JOHANNESBURG – New York based non-profit organisation Media Development Investment Fund (MDIF) on Tuesday announced the acquisition of Mail & Guardian.
“The restructured ownership of the South African media company will see its Chief Executive Hoosain Karjieker acquire a minority stake of the business as part of the Black Economic Empowerment (BEE) transaction,” the company said in a statement.
Local newspaper the Mail&Guardian has been sold to American non-profit organisation MDIF.
Photo: Pixa Bay
The NPO praised former majority shareholder Trevor Ncube who purchased a controlling interest in 2003.
“He deserves enormous credit for successfully turning around a failing paper and charting a new strategy with new relevance for post-apartheid South Africa,” MDIF Deputy CEO Muhamed Nanabhay added.
LINK - http://www.enca.com/money/mdif-acquires-majority-stake-in-south-africa-s-mail-guardian
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER