The Media Development Investment Fund (MDIF), a New York-based not-for-profit investment fund, has sold its majority shareholding in South Africa's Mail & Guardian to minority shareholder and former CEO, Hoosain Karjieker and Director Thembisa Fakude. MDIF's exit from the Mail & Guardian ends its 22-year association with the company.
"We are incredibly proud to have been an investor in the Mail & Guardian over the past two decades," says Harlan Mandel, MDIF CEO.
"I would like to pay tribute to the many people who enabled M&G to play such an important role in modern South African history, providing pioneering investigative journalism that continues to have a profound impact on the country's politics, economics and society. In particular, I would like to thank the current and former Editors-in-Chief: Mondli Makhanya, Ferial Haffajee, Nic Dawes, Chris Roper, Angela Quintal, Verashni Pillay, Khadija Patel, Sipho Kings, Ron Derby and Luke Feltham," adds Mandel.
"Though sad to be exiting such an iconic media company, we are pleased that ownership of the Mail & Guardian is passing into South African hands and that the transaction will bring new capital into the company to fuel development," says Mandel.
"Hoosain Karjieker and Thembisa Fakude fully understand the company and are deeply committed to its future. This transition marks a new era for the Mail & Guardian and we wish them and everyone connected to the company every success in the future," says Mandel.
The MDIF concludes that the Mail & Guardian was founded in 1985 as the Weekly Mail, an alternative newspaper that emerged as a response to the closure of influential liberal newspapers during the Apartheid era. Since then, it has evolved and adapted to the changing media landscape but maintained a commitment to editorial independence and quality journalism, creating space for debate and diversity, defending freedom of expression and combating racial, political and religious prejudice.
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