Gupta-owned Oakbay has announced the sale of its two media companies — ANN7 and The New Age — for R450-million.
Purchasing the duo is Lodidox — a company owned by businessman and former ANC cabinet spokesperson Mzwanele “Jimmy” Manyi.
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“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,” Oakbay said in a statement.
“Under a new majority shareholder, Oakbay believes that both businesses and their employees will have the bright and prosperous future they deserve. The sale will also allow the shareholder the time to focus on clearing its name in the face of unfounded media allegations.”
It expected the sale to be concluded over the “next few weeks”.
Oakbay Investments announces the sale of its shareholdings in Infinity Media and TNA Media to Lodidox and Management for R450 million pic.twitter.com/XA7P9ylszq
— Oakbay Investments (@OakbayGroup) August 21, 2017
But that hasn’t stopped South Africans from making their opinions known now.
Oakbay’s R450m deal includes ANN7 at R300m and The New Age at R150m
Two tweets by South African columnist Tom Eaton got the ball rolling, while journalist Adriaan Basson’s breaking news tweet received the most responses.
Guptas: Hey Mzwanele, wanna buy our media businesses for R450m?
Manyi: Can I think about it?
Guptas: Don’t make us get the hose again.— Tom Eaton (@TomEatonSA) August 21, 2017
The Strategy Behind The Guptas’ Media Firesale To Mzwanele Manyi.
Ajay: Chaps, who do we know who is legally allowed to open a bank account?— Tom Eaton (@TomEatonSA) August 21, 2017
BREAKING: Guptas sell ANN7 and The New Age to Mzwanele ‘Jimmy’ Manyi for R450m. More on @Fin24 soon.
— Adriaan Basson (@AdriaanBasson) August 21, 2017
As soon as the latter was published, both #ANN7 and #Oakbay began trending in South Africa, with a number of sub-trends also featuring.
Questions were lead by those in the media industry. MD of Platco Digital Patrick Conroy, who had experience running ANN7 competitor eNCA, stated that the price tag was markedly inflated.
I’ve never run a newspaper but did run eNCA 24hr news for nearly 10 years. No chance #ANN7 is profitable or worth R300m.
— Patrick Conroy (@PatrickConroySA) August 21, 2017
Others on Twitter called into question Oakbay’s sale of the two companies.
The Guptas are fronting with Jimmy by selling Ann7 and The New Age to him because they ran out of favor with the banks,#Oakbay
— Regal Global (@RegalGlobal) August 21, 2017
Guptas are preparing for life after December(ANC conference) and 2019 with this “sale” of ANN7 and The New Age #oakbay
— Sir Katlégo (@katlegovic) August 21, 2017
Guptas dump assets before fleeing to Dubai, govt depts bankroll @ANN7tv & @MYANC gets a(nother) propaganda engine for 2019.
win-win-win— TwıtterAnalystMaster (@shailendrasham) August 21, 2017
Leading South African politicians’ comments, EFF leader Julius Malema called the deal the “joke of the century”, while the UDM’s Bantu Holomisa was in a congratulatory mood.
Joke of the century
— Julius Sello Malema (@Julius_S_Malema) August 21, 2017
Guptas sell ANN7, New Age to Jimmy Manyi https://t.co/ShhpbrFAwj via @eNCA. Congrats Krila . U deserve it. pic.twitter.com/llfy9VjtB8
— Bantu Holomisa (@BantuHolomisa) August 21, 2017
Mzwanele Manyi also came under the spotlight. Tweets scrutinised the “vendor financing” arrangement between the two companies and Manyi’s relationship with the Guptas.
And some used Julius Malema memes to further drive the point home.
Jimmy Manyi now wants a pat on the back for not beating up his wife in their 30 years of marriage. Kgante what was supposed to happen? pic.twitter.com/6fq7wH1rt6
— IG: ConceptSixty5 (@Sentletse) August 13, 2017
Where did Jimmy Manyi get almost a billion rand to buy ANN7 #Oakbay
— Xolani (@thulaxolani) August 21, 2017
#Oakbay, vendor financing and Jimmy.
“Keep it in the family” transaction. pic.twitter.com/MBIw6HOkL9
— Bulelani Phillip (@BulelaniPhillip) August 21, 2017
It’s clear he is just a front #Guptas will still be in control #OakBay #MzwaneleManyi pic.twitter.com/EUSJaPLZM7
— LuckyJoe Nkutshoeu (@LuckyjoeN) August 21, 2017
Fronting obviously not an issue between black and Indian families #ann7 #Oakbay #Guptas #corruptionmustfall #thenewage #fronting
— Queenbadegg (@QueenBadegg) August 21, 2017
Some however came to Manyi’s defence, expressing that South Africans shouldn’t be “hating”. Others shared this sentiment and congratulated Manyi.
Ahhh people!! Probably the 1st or 2nd black person to own a stake in media pie & we’re hating? #Oakbay
— Umtha Welanga (@Nomtha82) August 21, 2017
The hate that black people have towards each others’ growth is so annoying… #OakBay #TheNewAge
— Empress Mphela (@Africanfocus) August 21, 2017
@MzwaneleManyi Congratulations on the purchase of #ANN7 and #TheNewAge all the the success and all the best.
— MondeJoka (@MondeJoka) August 21, 2017
I really wanna applaud #Manyi and say welldone and shout #BlackExcellence but nope thus has fronting written allover it #Guptas
— Daniel (@sdmahwai) August 21, 2017
Congrats @MzwaneleManyi Hope you redefine tv news. May there be a commitment to accuracy in reporting, ne @ANN7tv
— HO 2017 (@HajraOmarjee) August 21, 2017
But not everyone agreed.
How do you congratulate criminal activity?
— Julius Sello Malema (@Julius_S_Malema) August 21, 2017
Others just wished the Guptas would stop trending on Twitter.
So the #Guptas are trending…again
— Kulani Baloyi (@iamkulanibaloyi) August 21, 2017
Feature image: ANN7 via Facebook
