Sekunjalo Group Chief Executive Officer (CEO) Lucien Jacobs has come out strongly to clarify the ownership and financial reality of Independent Media, revealing that the group’s total funding exposure to the media house now exceeds R5.5 billion.
Sekunjalo Group chief executive officer (CEO) Lucien Jacobs has moved to clarify the role played by the Southern African Clothing and Textile Workers’ Union (Sactwu) in the 2013 acquisition of Independent Media, arguing that recent narratives surrounding the transaction had omitted key facts and failed to acknowledge the financial support provided by the Sekunjalo consortium over more than a decade.
According to Jacobs, the Independent Media Consortium (IMC), together with the Public Investment Corporation (PIC), had already emerged as the preferred bidder before Sactwu joined the transaction.
“The consortium was built around a transformative vision to return one of South Africa’s largest media groups to local ownership, protect jobs, preserve editorial diversity and ensure meaningful participation by community stakeholders,” Jacobs said.
He said Sactwu was not an original partner in the acquisition but sought participation following engagements involving senior government figures, including then ministers Ebrahim Patel and Blade Nzimande.
