Independent News workers want a slice of the pie
Media workers at Independent News & Media SA (INMSA) want a stake in the company, the Business Day reported on Tuesday.
“We would like to ultimately have a 25 percent stake, as this is an intellectual property company and it means that its human capital has to be incentivised,” said Media Workers’ Association of SA (Mwasa) secretary-general Tuwani Gumani.
“However, we have not received sufficient information to make any decision on what size stake we should negotiate for.”
The Business Day reported that limited information supplied by potential new owners, Sekunjalo Independent Media, prevented Mwasa from making a definite decision.
Gumani said the union had met representatives from Sekunjalo informally, but no substantive information was exchanged.
“All that we agreed on is that we welcomed the fact that Independent News & Media SA will be returned to South African ownership,” he said.
Sekunjalo was leading a R2 billion buyout of INMSA, which owned print titles such as The Star, The Cape Times, and Isolezwe.
Last week, it emerged that the Government Employees Pension Fund (GEPF) would be funding part of it to the tune of R500 million. The GEPF had a 19.5 percent stake in Times Media Group (TMG).
According to Business Day, former president Nelson Mandela’s grandson Mandla and prominent businessman Sandile Zungu were shareholders in Sekunjalo.
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