Built in 1836, Newspaper House was home to Independent Media until the country’s largest print media group elected not to extend its lease. File Picture: David Ritchie / Independent Newspapers
Independent Media is aware that the rumour mill has once again done the rounds, with facts being turned into fiction with regard to Independent Media no longer having its offices located at Newspaper House in St George’s Mall, Cape Town.
Leaks from internal memorandums to staff have been selectively used to once again portray an incomplete picture to the public.
To avoid further factual inaccuracies, the facts are as follows:
Newspaper House – the building – was sold by the previous owners of Independent Media before Sekunjalo Investment Media (SIM) and other parties bought the publishing company in 2013.
Independent Media was also locked into leasing premises at Newspaper House when it bought the business from its former Irish owners. Since 2013, the company has leased these premises at a rental of more than R20 million per annum, which amounts to a staggering R200 million plus.
Thankfully, that lease has now expired, which will free up development and operational capital for Independent Media’s future growth.
There are other factors that also fed into our decision not to renew the lease at Newspaper House.
The rise of digital, being one of them, that has seen a fundamental shake-up of the global media landscape, with different ways of working and different skills required to publish newspapers.
This was exacerbated by the onset of COVID-19, which gave rise to the work from home scenario, a system that Independent Media continued even when the country returned to a so-called ‘normal’ state.
Our staff have appreciated the flexibility and cost savings that this remote working environment have brought them.
Further, during 2023, Independent Media embarked on a S189 process and re-structured its business, resulting in fewer staff – this is public knowledge.
Therefore, when the leases have expired at all of the offices we utilise across the country, not just Cape Town, we have elected not to renew them since we no longer require the same amount of space or real estate.
This is called good business practice.
Choosing to be smart about our office space does not affect the titles; they are solid and will be continuing.
Our readers and advertisers can look forward to still receiving our newspapers, as Independent Media remains the largest print newspaper group in South Africa.
Whilst we are cognisant of the nostalgia and the heritage links our papers have to Newspaper House, we do not need bricks and mortar to help us tell peoples stories.
Our papers have been doing this for nearly 200 years and will continue to do so, and they will always have a home in people’s hearts.
If you wish to write about what is essentially an internal operations matter, then we ask that you do so with facts and that if you are uncertain about anything, then just reach out and ask us – we are happy to engage.
* Issued by Independent Media