Announcement on Daily Maverick’s cost reduction and reorganisation

The leadership team has worked hard to limit job losses, but this process will result in several retrenchments and the restructuring of some functions.

This decision comes after careful consideration and exhausting other options at a time when the media industry continues to struggle under growing economic pressure.

Daily Maverick has always strived to operate in a lean startup manner, while at the same time trying to fill the void left by a disrupted industry.

Growing a news publisher to this scale and influence was a miracle in this market context, where it is eight times harder to operate than developed countries. Sadly, it is no longer possible to do so under the current circumstances.

Daily Maverick founding CEO, Styli Charalambous, had the following comments:

“We understand that this is a difficult period for everyone at Daily Maverick, especially our colleagues who will be directly affected. We are committed to providing as much support as possible, including assistance for new work opportunities, and to get through this as quickly and with as much care as possible.”

On the broader challenges and what is needed to sustain journalism:

“Without legislative changes to incentivise and encourage support from philanthropic entities, corporates and the public, the sustainability of journalism will continue to be out of reach.

"An industry that creates so much value for the world shouldn’t be struggling this much. The market context is broken and we urgently need policy reform to fix it. Nothing else can.”

Earlier this year, Daily Maverick shut down for the day to highlight the crisis that the global journalism industry faces.

These problems persist and are costing society dearly. One only needs to look at the state of our cities, stagnating economy, health and education sectors to see the impact of corruption on our daily lives.