Press Statement
Independent News and Media SA (INMSA) would like to respond to the campaign of distortions peddled in public regarding the changes the group is making in its Cape and national business. While it is not the practice to discuss staff changes in public because of how it could affect the integrity and privacy of my employees, the sustained campaign to vilify me and INMSA has forced me to outline some aspects of the strategic repositioning of the business publicly.
When the Sekunjalo consortium acquired a controlling share in Independent earlier this year, the company was forthright about its intent to institute changes that would be aimed at launching Independent's print titles and other platforms towards a new growth path. The need for change is indisputable and borne out by the simple fact that judged by all the relevant performance indicators for a media company, Independent lags behind its competitors and is caught in a vortex of stagnation that will require immediate bold action and substantial financial investment to halt.
This situation is the result of years of neglect and under-resourcing by the Irish that have had a negative impact on editorial quality, and delayed the investments necessary to bring Independent into the 21st century world of news gathering and dissemination. Because of a lack of funds and the absence of a strategic vision from the owners, our print titles still look and feel much the same way they did before the
turn of the century, and have predictably lost readership and circulation share to both our traditional competitors and newer print entrants. Our online offer is suboptimal and cannot hold its own against the diverse and often innovative offerings available on the web. We have so far failed to make any substantive steps towards the technological convergence that is key to the survival of the business. Another undesirable outcome of neglect and underinvestment has been the virtual balkanization of Independent into various regional entities, with no coherent corporate structure, identity and no internal systems of cooperation and direction.
As executive chairman I, together with the senior management and editorial leadership, intend to arrest this decline through, inter alia, reinvestment in technology and human resources, as well as articulating and driving a new vision for the group which will allow for greater enhancement of our editorial content so as to become attractive to the groups consumers and advertisers.