ANN7 and The New Age sold for R450 million

The Gupta-owned media groups ANN7 and The New Age have been acquired by the firm of former government spin doctor Mzwanele Manyi (pictured).

In a statement released this week, Oakbay Investments, the Guptas' holding company, announced that Many's firm, Lodidox, has bought ANN7 (Infinity Media) and The New Age (TNA Media) for R450 million. Manyi said in the statement that he was "delighted" with the deal, saying that the media businesses are strong and full of potential.

Oakbay says the goals of the deal are two-fold: to save the inherent value of the businesses and to save 7,500-plus jobs.

Should there be no regulatory objections, the deal should be complete within the next few weeks.