The Truth Behind Independent Media’s New Publisher

National Media Group (NMG) has launched as a new entity claiming the rights to publish major South African titles including The Star, Cape Times, and The Mercury. Corporate records and recent court filings reveal significant governance overlaps between NMG and the debt-burdened Independent Media, raising questions about the separation of the two entities amid ongoing insolvency litigation.

Corporate Governance Links Between NMG and Independent Media

While NMG describes itself as a “dynamic new force,” public records indicate it shares deep roots with the existing Independent Media structure. According to corporate filings, the company now known as National Media Group was registered in August 2019 under the name K2019436141 (South Africa). It adopted its current name on 14 April 2026, just 19 days after the Supreme Court of Appeal ruled against the Independent Media Consortium in a R485-million debt dispute with Sactwu Investments.

The governance bridge is further evidenced by the role of Lizaan Nel. Records show that Nel, who serves as company secretary for Sagarmatha Technologies and Independent Media, acted as the sole listed director for NMG until July 2026. For a 10-day period in April, she served concurrently on the board of the Independent Media Consortium and as the director of NMG. Furthermore, NMG’s registered business address at Silo 5, V&A Waterfront, corresponds to the location identified by Sekunjalo as the Survé Family Office.

Financial Stakes and Market Uncertainty

Sekunjalo Group has confirmed a financial stake in NMG, though the specific terms of this investment remain undisclosed. In a statement released Tuesday, Sekunjalo noted its intent to invest in media alongside other partners. This follows earlier announcements by IOL regarding hundreds of millions of rands in funding from European and American partners, totaling R420-million in recent months.

Despite these funding claims, employees report a disconnect between the company’s expansionist rhetoric and the day-to-day reality of the transition. Staffers told Daily Maverick that despite a recruitment drive that reportedly drew 3,000 applications, very few external hires have been integrated. The workforce remains primarily composed of re-assigned Independent Media staff, many of whom have yet to receive new employment contracts.

The Impact of Pending Liquidation Proceedings

The transition to NMG occurs against a backdrop of severe legal and financial pressure on the older corporate structure. On 3 August, the Constitutional Court denied the Independent Media Consortium leave to appeal a R458.6-million judgment debt owed to Sactwu Investments. Consequently, Sactwu filed an urgent high court application on 13 August to have the Independent Media Consortium provisionally liquidated.

The application cites comments from Sekunjalo CEO Lucien Jacobs, who previously described the consortium as a vehicle that “effectively has no assets.” With the Public Investment Corporation (PIC) also pursuing claims exceeding R1-billion against the broader group, the creation of NMG raises significant questions regarding the future of the media titles’ liabilities. Legal analysts and observers are now focused on whether the operational business has been effectively moved to a new vehicle while the debts remain trapped in the older, insolvent entity.

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