Moneyweb - Caxton and Moneyweb in newspaper joint venture
MONEYWEB HOLDINGS LIMITED
(Registration No: 1998/025067/06)
Share code:MNY & ISIN:ZAE000025409
("Moneyweb")
Caxton and Moneyweb in newspaper joint venture
JSE-listed media groups Caxton and Moneyweb have established a joint venture
company to produce Moneyweb Business, a new daily insert in The Citizen, one of
South Africa"s leading newspapers. It debuts on Monday, October 3.
This formalised partnership represents the deepening of a two and a half year
relationship during which Moneyweb has produced The Citizen"s business section,
leveraging content from its market-leading Internet offerings.
Content for the new insert will be specially produced at Moneyweb by a team of
five full-time reporters under the direct guidance of Moneyweb"s editor-in-chief
Alec Hogg.
Apart from its own dedicated reporters, the new insert will also draw on the
talents of Moneyweb"s highly respected editorial team. Moneyweb employs 15 full
time financial journalists including Valley Award winner for investigative
journalism Barry Sergeant, leading TMT journalist/broadcaster Belinda Anderson,
Mineweb editor Jim Jones, Moneyweb"s financial services correspondent Jackie
Cameron and economist/broadcaster Erika van der Merwe.
Among numerous acknowledgements in last year"s Sanlam Awards for financial
journalism, Moneyweb won the accolade for the best companies and industries
reporting for daily newspapers and the Internet. It intends building on this
leadership through the new insert.
The partners will inject working capital into the joint venture company, whose
commercial side will be managed by Caxton.
Sales and administration will be under the direction of Greg Stewart, General
Manager: Commercial Operations at The Citizen who says: "We are confident a
self-standing Moneyweb Business will be a big winner. It is part of the ongoing
improvement in the newspaper"s offering."
Moneyweb"s Hogg adds: "This is another significant step in our long-term
strategy to serve South Africa"s investment and business community in the way
they find the most convenient. Our weekly newspaper, Moneyweb Digest, was warmly
received by its audience and well supported by advertisers.
"Unfortunately, the Digest was reliant on the broader acceptance of digital
newspapers in South Africa. So it was forced to close when the digital press
returned to Europe. As a self-standing daily insert in an already successful
newspaper, Moneyweb Business is not exposed to that vulnerability."
Rosebank, Johannesburg
30 September 2005
Sponsor
Grant Thornton Corporate Finance (Pty) Ltd
Date: 30/09/2005 03:36:04 PM Produced by the JSE SENS Department
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