PRESS STATEMENT BY SAPA BOARD OF DIRECTORS ON REBUILDING THE NATIONAL NEWS AGENCY.
The board of directors of the South African Press Association (Sapa) is pleased to announce its decision to reconstitute and commercially revamp the news agency.
The intentions are that the independent domestic wire service's 76-year-old non-profit business model will be replaced with a commercial entity which will be capitalised and briefed to become a modern fully multimedia provider of news coverage of and to South Africa and the African Continent.
The new company will have the support of an expanded shareholder base. This will include original member newspaper companies of the current Association, as well as investment and participation by other media-based companies who see value in the project and especially in the benefits of a vibrant, cost-effective and autonomous South African and African multi-platform news agency.
While the new entity will be commercial, the board is committed to ensuring the current news agency's autonomy on producing credible and independent editorial content is continued.
The Sapa board is in the process of developing options for the reconstitution of the business, for presentation to and discussion with those parties that have submitted expressions of interest.