On Air Feature
Mzwanele Manyi buys ANN7, The New Age
Oakbay sells ANN7 and The New Age to Manyi for R450 million
Gupta-owned Oakbay says it has decided to sell its businesses ANN7 and The New Age in order to save more 7 500 jobs. In a surprise move, the company announced that it has sold the Infinity Media and TNA to Mzwanele Manyi's company Lodilox, for R 450 million. Oakbay says it also wants to focus on clearing its name which has been implicated in acts of corruption following leaked emails.
At least four banks have cut ties with Oakbay but they have not yet revealed their reasons, citing client confidentiality clauses. Stephen Kirker spoke to the new owner Mzwanele Manyi.
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