Media workers at Independent News & Media SA (INMSA) want a stake in the company, the Business Day reported on Tuesday.<\/p>\n
“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.<\/p>\n
“However, we have not received sufficient information to make any decision on what size stake we should negotiate for.”<\/p>\n
The Business Day reported that limited information supplied by potential new owners, Sekunjalo Independent Media, prevented Mwasa from making a definite decision.<\/p>\n
Gumani said the union had met representatives from Sekunjalo informally, but no substantive information was exchanged.<\/p>\n
“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.<\/p>\n
Sekunjalo was leading a R2 billion buyout of INMSA, which owned print titles such as The Star, The Cape Times, and Isolezwe.<\/p>\n
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).<\/p>\n
According to Business Day, former president Nelson Mandela’s grandson Mandla and prominent businessman Sandile Zungu were shareholders in Sekunjalo.<\/p>\n
If people don\u2019t subscribe it\u2019s no loss: Business Day chief<\/a><\/strong><\/p>\n Govt buys Independent News and Media stake<\/a><\/strong><\/p>\n