BDFM Publishers (Pty) Ltd., a South African joint venture between Pearson Plc (PSON) and Times Media Group Ltd. (TMG), issued letters offering employees of Business Day and Financial Mail voluntary severance, according to four people who saw the documents.
The Johannesburg-based company had already told employees that bonuses will not be paid this year, the people said, declining to be identified because a public announcement has not been made.
Mvelaphanda Group Ltd. in August bought all of the shares it didn’t already own in Times Media, then known as Avusa Ltd.
Details of the offer weren’t given in the letters, which were sent to all employees, the people said.
Business Day is South Africa’s biggest daily business paper and Financial Mail is the country’s biggest financial weekly. BDFM also owns Summit television station.
Calls made by Bloomberg to the mobile phone of Peter Bruce, appointed as publisher of BDFM in August, weren’t answered.
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