Company News in Brief
Media24 to continue with newspaper closures after green light from Competition Commission
The Competition Commission has approved Media24’s sale of its distributions business, On the Dot, its community newspaper portfolio, and the Soccer Laduma and Kick Off titles to printing group Novus Holdings.
Media24 will now also proceed with its restructuring plans, which involve closing the print editions of Beeld, Rapport, City Press, and Daily Sun, and shutting its SNL24 digital hub. "We are implementing the transaction with Novus Holdings today," interim Media24 CEO Raj Lalbahadur said in a statement on Thursday.
In June, Media24 announced a major restructuring that, at the time, would have resulted in up to 400 job losses due to years of declining advertising and circulation. The matter at the Competition Commission did not stop the Section 189 process of retrenchments. The initial plan involved the retrenchment of 66 journalists who create, process and package content for Beeld, Rapport, City Press and Daily Sun. However, Media24 later announced that it would no longer retrench the 66 editorial staff members. The final publication dates for the last print editions of Beeld, City Press, Daily Sun, Rapport, the PDF editions of Volksblad and Die Burger Oos-Kaap on Netwerk24, and for SNL24 will be 31 December 2024.-FIN24
In January, Daily Sun will operate as a free, standalone website, while Rapport will live on the Netwerk24 site, and City Press on News24 as digital-only brands. Beeld, Volkblad, and Die Burger Oos-Kaap will also be available through the Netwerk24 site.
-FIN24
Glencore experiences rail constraints
Glencore, one of the world's largest diversified miners, reported that issues including rail constraints in SA contributed to a 7% fall in energy coal production for its third quarter to end September, though it also felt pressure from operational changes and scheduled mine closures in other geographies. The group, however, maintained its full-year guidance and while its marketing adjusted earnings before interest per tax is expected to be in a range of $3 billion (R53 billion) to $3.5 billion, being around the top end of its long-term $2.2 to $3.2 billion guidance range. -FIN24
Tiger Brands' listerioris saga drags on
In a major development in SA's listerioris saga, Tiger Brands is talking to the attorneys of more than 1 000 victims as it seeks to agree on relief for qualifying individuals who have urgent medical needs. SA's largest food producer, which owns such brands as Jungle Oats and All Gold Tomato Sauce, said in an operational update on Wednesday that this is despite liability having not yet been determined, and while it is also "engaging on measures to arrive at a speedier resolution of the class action overall". Tiger did not disclose what amounts were involved. Tiger Brands, meanwhile, also reported on Wednesday that it expected its earnings per share for its year to end-September to rise by between 11% and 13%, with headline earnings per share expected to rise by between 3% and 5%. It noted that the main reason for the difference between its headline earnings per share and earnings per share related to the profit on sale of noncore brands. It generated R2.7 billion in headline earnings in 2023. -FIN24
Lewis reports 35 to 45% hike in headline earnings
SA's largest furniture chain, Lewis Group, said that headline earnings are expected to be between 35% and 45% higher in the six months to end-September, the group said in a brief update, having reported earnings of R203.9 million previously. On a per share basis, they are expected to rise by between 45% and 55%. Operating costs were contained within management's target range while the growth in insurance service expenses is closely aligned to insurance revenue growth, it said. "Collections have been maintained at near record levels and the quality of the group's debtors' portfolio continued to improve." -FIN24
The Competition Commission has approved Media24’s sale of its distributions business, On the Dot, its community newspaper portfolio, and the Soccer Laduma and Kick Off titles to printing group Novus Holdings.
Media24 will now also proceed with its restructuring plans, which involve closing the print editions of Beeld, Rapport, City Press, and Daily Sun, and shutting its SNL24 digital hub. "We are implementing the transaction with Novus Holdings today," interim Media24 CEO Raj Lalbahadur said in a statement on Thursday.
In June, Media24 announced a major restructuring that, at the time, would have resulted in up to 400 job losses due to years of declining advertising and circulation. The matter at the Competition Commission did not stop the Section 189 process of retrenchments. The initial plan involved the retrenchment of 66 journalists who create, process and package content for Beeld, Rapport, City Press and Daily Sun. However, Media24 later announced that it would no longer retrench the 66 editorial staff members. The final publication dates for the last print editions of Beeld, City Press, Daily Sun, Rapport, the PDF editions of Volksblad and Die Burger Oos-Kaap on Netwerk24, and for SNL24 will be 31 December 2024.-FIN24
In January, Daily Sun will operate as a free, standalone website, while Rapport will live on the Netwerk24 site, and City Press on News24 as digital-only brands. Beeld, Volkblad, and Die Burger Oos-Kaap will also be available through the Netwerk24 site.
-FIN24
Glencore experiences rail constraints
Glencore, one of the world's largest diversified miners, reported that issues including rail constraints in SA contributed to a 7% fall in energy coal production for its third quarter to end September, though it also felt pressure from operational changes and scheduled mine closures in other geographies. The group, however, maintained its full-year guidance and while its marketing adjusted earnings before interest per tax is expected to be in a range of $3 billion (R53 billion) to $3.5 billion, being around the top end of its long-term $2.2 to $3.2 billion guidance range. -FIN24
Tiger Brands' listerioris saga drags on
In a major development in SA's listerioris saga, Tiger Brands is talking to the attorneys of more than 1 000 victims as it seeks to agree on relief for qualifying individuals who have urgent medical needs. SA's largest food producer, which owns such brands as Jungle Oats and All Gold Tomato Sauce, said in an operational update on Wednesday that this is despite liability having not yet been determined, and while it is also "engaging on measures to arrive at a speedier resolution of the class action overall". Tiger did not disclose what amounts were involved. Tiger Brands, meanwhile, also reported on Wednesday that it expected its earnings per share for its year to end-September to rise by between 11% and 13%, with headline earnings per share expected to rise by between 3% and 5%. It noted that the main reason for the difference between its headline earnings per share and earnings per share related to the profit on sale of noncore brands. It generated R2.7 billion in headline earnings in 2023. -FIN24
Lewis reports 35 to 45% hike in headline earnings
SA's largest furniture chain, Lewis Group, said that headline earnings are expected to be between 35% and 45% higher in the six months to end-September, the group said in a brief update, having reported earnings of R203.9 million previously. On a per share basis, they are expected to rise by between 45% and 55%. Operating costs were contained within management's target range while the growth in insurance service expenses is closely aligned to insurance revenue growth, it said. "Collections have been maintained at near record levels and the quality of the group's debtors' portfolio continued to improve." -FIN24
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