The Malta Independent 26 May 2024, Sunday
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Illum says it is 100% owned by MediaToday, and that Steward Health Care tried to buy the company

Wednesday, 15 May 2024, 17:54 Last update: about 10 days ago

MaltaToday has issued a statement in response to social media posts, saying that in 2011, 13 years ago, "MediaToday Co. Ltd, the publisher of MaltaToday and Illum, had taken the commercial decision to pass on the title of the newspaper Illum to the company Innovate Business Consulting represented by Jonathan Cardona and Louis Cardona for an 18-month period. MediaToday retained the operations and the editorial functions of Illum."

MediaToday did not want Illum to remain a financial burden, and for Innovate Business Consulting to invest in the title, it said.

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"After this agreement, Innovate Business Consulting appears to have made another agreement, independent of MediaToday, with other companies, including a company in the printing sector and a company that imports paper and printing machines. One of these companies belonged to Keith Schembri, who had a 25% share in this agreement made by Innovate Business Consulting. This happened 13 years ago in 2011 when none of these companies or individuals involved remotely had a political posting or connection with one party or another," MaltaToday said.

It said that the agreement ended due to disagreement between the investors and MediaToday, and the Title again passed to MediaToday. "At no point in 2011 or afterwards was there any payment or transaction between the parties."

It also said that in 2021, the owners of Steward Health Care, through its CEO Armin Ernst, attempted to purchase MediaToday. MediaToday chose not to sell the company. It said that over the years and from the beginning of the Vitals and Steward episode, the editorial position was one that criticised the agreement between government and Vitals and Steward. It also said that last year Steward opened a libel case against MediaToday in Madrid, which is ongoing.


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