Positive reaction to Mail & Guardian acquisition by MDIF

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 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.

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.


 
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