Mzwanele Manyi snaps up Gupta-owned ANN7 and 'The New Age'
Lodidox and Management, which is owned by Manyi, has bought the ANN7 news channel and the New Age newspaper from Oakbay Investments.
JOHANNESBURG – A company owned by Mzwanele Manyi has bought Gupta-owned ANN7 and The New Age for R450 million.
Oakbay Investments made the announcement on Monday morning, saying that the sale is part of its commitment to preserve jobs and provide certainty to over 7,500 employees.
Lodidox and Management, which is owned by Manyi, has bought the ANN7 news channel and The New Age newspaper from Oakbay Investments.
The sale comes as the Bank of Baroda has pulled the plug on Gupta-owned firms and after four South African banks blacklisted the group’s accounts last year.
Under new management, Oakbay believes that both businesses and its employees will have the prosperous future they deserve.
Oakbay says that the sale will also allow the shareholders to focus on clearing its name in the face of unfounded media allegations.
The controversial family has been accused of state capture.