Mail & Guardian newspaper sold

New York-based Media Development Investment Fund has acquired the Mail & Guardian

Through the acquisition, the New York-based media firm has become the majority shareholder of M&G Media Limited. As part of the deal, Hoosain Karjieker (pictured), current CEO, will become a minority shareholder, although he will continue on in his role as chief executive.

Harlan Mandel, Media Development Investment Fund (MDIF) CEO, said:

“MDIF has worked with M&G for more than a decade and knows the company intimately. We have invested in M&G because it is a uniquely important media organisation with a great future. Its independent reporting has a profound impact on the national debate and it is a beacon for independent journalism across the continent, and indeed the world. We are committed to building on this legacy and re-establishing M&G as a commercially and journalistically dynamic institution at this important time in South African politics.”

Karjieker has said that the new ownership will “steady the company and provide much-needed financial stability”, as well as a “strong and stable platform from which we can refocus on building our business”.