South African Press Association to shut down

AP News
Posted: Feb 05, 2015 11:11 AM

JOHANNESBURG (AP) — After more than 75 years in operation, the South African Press Association announced on Thursday that it will soon shut down.

The news agency will publish its last story at midnight on March 31, it said in a statement on its website.

The newswire operates as a not for profit organization and may not be sold off, the statement said. The South African Press Association's board decided in September last year that it would end its national news distribution service because of financial difficulties.

The board had since been approached by three potential investors who had expressed interest in setting up a commercially based service, producing and sharing content, the statement said.

"Current subscribers would in due course be briefed on the plans and would be approached directly by the operators of the new syndication business," board chairwoman, Minette Ferreira, said in a statement.

The South African Press Association was founded in 1938 and serves as the primary source of breaking news in the country, according to its website. An independent non-governmental news agency, it supplied news and information to a number of radio, television and print news outlets.