Gupta-owned news outlets, ANN7 and The New Age, have been bought by former CEO of Government Communications and Information Systems and Cabinet Spokesperson, Mzwanele Manyi for R450 million.
Lodidox and Management, a company owned by Manyi, bought the media platforms after Gupta-company Oakbay Investments made the announcement it would sell the controversial newspaper and news channel in order to preserve over 7 500 jobs.
The sale comes as the Bank of Baroda has pulled the plug on Gupta-owned firms and after four South African banks blacklisted the group’s accounts last year.
Under new management, Oakbay believes that both businesses and its employees will have the prosperous future they deserve.
Oakbay says the sale will also allow the shareholder tie to focus on clearing its name in the face of unfounded media allegations.
The controversial family has been accused of state capture.