In a bid to save over 500 staff, Mzwanele Jimmy Manyi has revealed that he has paid the Gupta family everything he owed them for news channel ANN7 and The New Age newspaper.
Manyi said he hoped this move would “put to rest any suspicions of lingering involvement” by the Gupta family in the media company.
Afrotone Chairperson Mzwanele Manyi said that Oakbay has agreed to fully release its hold on the companies’ shares leading to a newly negotiated settlement deal.
ANN7 spokesperson Gugu Masinga confirmed to TimesLIVE the amount paid to clear the debt was lower that the R450-million Manyi had borrowed.
Manyi also said in the statement that he had informed MultiChoice that he owns the company in full.
ANN7 will no longer be on MultiChoice’s DStv from September‚ meaning it has nowhere to broadcast its shows.
MultiChoice ended the contract with ANN7 after the Gupta leaks showed Multichoice had paid ANN7 R141-million a year and controversially paid R25-million to the Guptas.