Media Development Investment Fund, a New York-based not-for-profit investment fund for independent media in emerging markets, has acquired a majority stake in South African media company Mail & Guardian. The terms of the deal were not disclosed.
The restructured ownership sees M&G’s Chief Executive Officer, Hoosain Karjieker, acquire a minority stake in the business as part of a Black Economic Empowerment (BEE) transaction.
The Mail & Guardian is an award-winning South African title edited by Khadija Patel who was this week named as one of Africa’s leading talents by the New African magazine.
Trevor Ncube, the newspaper’s former publisher, said “My partner for 14 years, the MDIF, under the leadership of Harlan Mandel have put forward a compelling case plan that will ensure the survival of the M&G well into the future. Ownership of the M&G is equivalent to carrying a baton that gets passed on from generation to generation with just this underlying principle: Editorial independence is sacrosanct. I have often said my role over the past 25 years has been more of a custodian of a great South African asset, than an owner.”
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