Cape Town, South Africa (PANA) – The South African Press Association (SAPA) announced that it would close down in March after nearly 70 years of uninterrupted service.
This follows months of speculation with founding members pulling out of the entity. The association which began months before the start of the Second World War, has been facing closure or change since its four funding members – the country’s biggest print-media houses – started pulling out of the arrangement in 2013. Late last year, Agence France-Presse’s (AFP’s) Southern African office closed down, ending a 20-year arrangement with SAPA, whereby they supplied copy to each other.
SAPA’s board of directors met last week and confirmed that the decision, taken last September and by the members’ AGM in November 2014, to wind up the news agency as a non-profit company must now be implemented.
Nkonki Incorporated, an independent firm of auditors and financial advisors, has been appointed as its financial advisors to assist and guide SAPA through the winding up process.
Three companies, Gallo Images, KMM Review Publishers and Sekunjalo Investments Holdings, had expressed their interest in buying out the association. In the period since September, the parties had each presented their proposals for the establishment of a commercially based content generating and syndication service business and has provided updates on their original proposals. Nkonki is evaluating these proposals.
The board, through Nkonki, has now entered a process of calling for bids for the assets of SAPA.
“After the disposal of the assets, the company will be liquidated and its operations will cease on March 31, 2015,” said SAPA CEO Minette Ferreira, who reiterated “that the Board also underlined its commitment to ensuring the interests of all SAPA employees were correctly and meticulously attended to, as well as seeking where possible to maximise opportunities for these staffers, either with whatever new company was established, or if possible, elsewhere within the media industry.”
