Jimmy Manyi addresses the Pretoria Press Club on July 25, 2011 in Pretoria, South Africa.
JOHANNESBURG - The controversial Gupta family has sold it's stake in broadcaster ANN7 and The New Age (TNA) newspaper for a total of R450-million to former government spokesperson and controversial businessman, Mzwanele Manyi.
According to a statement, the Gupta-owned Oakbay Investments sold its stake in Infinity Media and TNA to Manyi.
The company is also assisting him with vendor financing to make the deal possible.
Oakbay says: "the sale will allow the shareholder the time to focus on cleaning its name in the face of unfounded media allegations."
The Guptas have been embroiled in a series of scandals after thousands of emails were leaked.
A series of leaked emails have placed the Gupta family at the centre of state capture allegations.
Thousands of emails reveal the extent of the Gupta family’s alleged power over South Africa, some leaders including state owned enterprises in what has been coined the Gupta email saga.
TNA has been sold to Lodilox for R300 million, and TNA for an additional R150 million.
According to Manyi, both businesses are "full of potential and, under the right circumstances, can become an increasingly important and relevant part of the South African media landscape."
The deal is subject to regulatory approval and is expected to take a few weeks to be formalised.
Investigative journalism collective, AmaBhungane, say Manyi is a known ally of the controversial family.