The Gupta family's Oakbay Investments announced on Monday it had sold its media companies ANN7 and The New Age to their ally Mzwanele "Jimmy" Manyi. His history shows the outlets are likely to continue as mouthpieces for government factions. By GREG NICOLSON.
Manyi has been one of the Gupta family's most strident defenders and his work has clearly paid off. In a statement on Monday, Oakbay said it had sold Infinity Media, which operates broadcaster ANN7, and TNA Media, which runs newspaper The New Age, to Manyi's Lodidox and Management for R450-million.
Oakbay said the sale would provide certainty to more than 7,500 employees at the media companies and allow the Guptas to focus on defending themselves from "unfounded media allegations". Manyi's company is buying The New Age for R150-million and ANN7 for R300-million. The deal was sponsored by Oakbay through a vendor financing agreement, meaning the Guptas loaned Manyi the money to buy their companies.
"I am delighted to have reached an agreement with Oakbay and look forward to successfully completing the deal. These are two strong businesses which are full of potential and, under the right external circumstances, can become an increasingly important and relevant part of the...