Naspers is to cut staff numbers at its print media titles by 500 according to reports coming from South Africa. The company’s media division, Media24, is set to close down some print titles in the face of poor circulation. Although leading South African property portal Property24 is managed by Media24, its employees are not thought to be affected by the cuts.
Naspers, which also owns and runs OLX through its international internet division Prosus, announced solid yearly results back at the end of March with Prosus, in particular, driving the company forward with revenues having grown 23% to $21 billion. The press release from March makes mention of several other strategies and divisions of the conglomerate, notably its food delivery and its efforts to help tech entrepreneurs, but does not mention anything about the company’s print press assets which until recently had been Naspers’ bread and butter with the company having established itself in 1915 as a publishing company.