Naspers mulls options for South Africa’s historic ‘City Press’

Naspers, Africa’s largest company by market value, is exploring strategic options for City Press, according to people familiar with the matter, a historic newspaper in the continent’s biggest economy.

Media24, a unit of the company that operates some of South Africa’s biggest digital news sites and popular magazines, is considering selling the title or closing it down, the people said, asking not to be identified because the discussions are private. The firm is in early talks with a consortium that includes local business people about a potential sale, but it’s possible a deal may not be reached, the people said.

A potential sale would come as the digitisation of news media weighs on traditional revenue models and finances of publications globally.

In South Africa, a drop in advertising income and limited uptake of digital subscriptions has shrunk newsrooms and diminished reporting capacity, according to an inquiry by the country’s competition watchdog. It announced a R688 million ($42 million) support package agreed with Alphabet’s Google and YouTube to fund local outlets in November as part of a “comprehensive package of remedies designed to restore fairness, transparency, and sustainability in South Africa’s media ecosystem.”

Read: Media24 to close City Press

Media24 stopped printing the newspaper in December 2024, integrating the title into its digital newsroom. The transition failed to meet its expectations, and it started a process, including consultations with staff, to close the publication earlier this year, Minette Ferreira, chief executive for Media24’s media unit, said in an emailed response to questions.

Read: Media24 restructuring battle heads into final legal stretch

City Press, founded in 1982, played a key role in exposing injustices perpetrated against the country’s Black majority during apartheid. It has continued to challenge powerful political and business leaders since the country transitioned to democracy in the 1990s.

Read: Caxton and Capital Newspapers take Media24/Novus battle to ConCourt

“I want to assure you of our commitment to managing this highly sensitive and confidential process, which started on 27 February 2026, with compassion while following the processes prescribed by law. We will also try to limit the job losses,” Ferreira said, declining to comment further.

© 2026 Bloomberg