Gupta-controlled Oakbay Investments has sold its shareholdings in Infinity Media and TNA Media to Mzwanele Manyi’s Lodidox and management for R450 million.
Manyi was the former CEO of GCIS and Cabinet spokesperson.
The Guptas first announced their intention to exit their shareholding in all their South African businesses in August 2016 saying that the sale would be complete by December that year, this did not happen.
In a statement Oakbay said:
“The transaction comprises:
• The sale of Oakbay’s shareholding in Infinity Media, which operates the ANN7 News Channel, for R300 million; and
• The sale of Oakbay’s two-thirds stake in TNA Media, the publisher of The New Age newspaper, for R150 million.
“The agreement is expected to be concluded over the next few weeks, subject to any regulatory requirements.
“The sale is part of Oakbay’s commitment to preserve jobs and provide certainty to over 7500 hard-working employees throughout the group and to safeguard the inherent value of the businesses in which they work.”
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent. Sign up here.