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.

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LINK - http://www.enca.com/money/mdif-acquires-majority-stake-in-south-africa-s-mail-guardian

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