Naspers chief executive Koos Bekker believes that print media has a bleak future and is restructuring the business accordingly.
Naspers said its print media operations in South Africa generated marginal revenue growth of four percent for the six months ended in September. In real terms (with inflation taken into account) print media made a loss of around eight percent.
"Advertising revenues were much lower, and advertising spending will continue to be under pressure," said Bekker.
The company's Internet (mainly e-commerce) and pay television units, however were less affected by the downturn in advertising revenue.
Bekker said the company was looking to make several e-commerce related acquisitions in emerging countries such as Russia, China, Thailand, Brazil and Africa.