Sekunjalo says R5.2bn investment in Independent Media has 'reached its limit'

Sekunjalo Group CEO Lucien Jacobs. Sekunjalo has confirmed that Independent Media will no longer hold the licence to use the mastheads of popular newspaper titles after the end of July.

After investing more than R5.2 billion over the past decade into Independent Media, the Sekunjalo Group says it has reached the end of its investment journey.

Sekunjalo Group announced on Tuesday that it will no longer continue funding the company.

The announcement marks a significant turning point for one of South Africa's largest media groups, with Sekunjalo confirming that Independent Media will no longer hold the licence to use the mastheads of popular newspaper titles like the Cape Times, The Star, The Mercury and others after the end of July.

"The licensing agreement allowing Independent Media Publications to use our mastheads expired at the end of June. We granted a one-month extension until the end of July, after which the licence will terminate," said Sekunjalo Group CEO Lucien Jacobs.