Manyi: ANN7 & 'The New Age' will report the truth
A company owned by Mzwanele Manyi has bought the Gupta-owned TV channel and newspaper for R450 million.
JOHANNESBURG - Former government spin doctor Mzwanele Manyi says he will ensure that ANN7 and The New Age reach their full potential as media agencies that report the truth.
A company owned by Manyi has bought the Gupta-owned TV channel and newspaper for R450 million.
Oakbay investments made the announcement earlier on Monday, saying the sale is part of its commitment to preserve jobs and provide certainty to thousands of employees.
Manyi says he's not new to the media space.
“At one point I used to run GCIS at government level. I think I’ve got assets here that were otherwise in a toxic kind of an environment. So I’m going to take them out of the toxicity now and bring them up there to makes sure that these assets reach their full potential.”
Manyi says he presented the Gupta's with an aggresssive business plan to assure them that they would get their money back for ANN7 and The New Age newspaper.
Manyi's company Lodidox has bought the two media agencies for R450 million rand through vendor financing.
Gupta-owned Oakbay Investments says the sale is part of its commitment to preserve jobs and provide certainty to over 7500 employees.
Manyi has often defended the Guptas, saying they have not been found guilty of any wrongdoing.
Now he's agreed to take over ANN7 and The New Age for R450 million, an amount he battled to get financing for.
“If you go to IDC they will tell you I tried to do a R300 million deal with them. I’ve been on that very arduous and very painful journey. But this thing was just not happening.”
Manyi says there's nothing sinister about vendor financing.
“If I put on the table a business plan to repay you your money, can you help me fund the vision? And the current shareholders were very excited.”
Manyi, who is also the president of the Progressive Professionals Forum, says the two media companies will become a model for objective, truth-telling.
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 Gupta family has been accused of state capture.
#Guptas ANN7 sold for R300 million and The New Age sold for R150 million. Agreeement to be concluded over next few weeks.— EWN Reporter (@ewnreporter) August 21, 2017
#Guptas Oakbay says sale of ANN7 & The New Age is part of its commitment to preserve jobs.— EWN Reporter (@ewnreporter) August 21, 2017