Guptas are selling New Age and ANN7 — to Mzwanele Manyi
Oakbay says the sale of Infinity Media and TNA will allow it ‘the time to focus on clearing its name in the face of unfounded media allegations’
The Guptas are pulling out of their media interests, selling their shareholding in Infinity Media and TNA for a combined R450m. Gupta-owned holding company Oakbay Investments made the announcement on Monday, saying that Lodidox — owned by Gupta-ally Mzwanele Manyi — and management would purchase the companies. Oakbay’s shareholding in Infinity Media, which operates the ANN7 News Channel, will be sold for R300m; and its two-thirds stake in TNA Media, the publisher of The New Age newspaper, will be sold for R150m. “The agreement is expected to be concluded over the next few weeks, subject to any regulatory requirements,” the Oakbay announcement said. It said the sale would allow Oakbay “the time to focus on clearing its name in the face of unfounded media allegations”. Commenting on the agreement, Oakbay acting CEO Ronica Ragavan said: “We are delighted to have reached an agreement with Lodidox and the management team. The sale of our shareholdings will secure the future of these busi...
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