I have paid Guptas for ANN7 – Manyi

IN a bid to save 500 jobs‚ media owner Mzwanele Jimmy Manyi says he has paid the controversial Gupta family everything he owed them for news channel ANN7 and The New Age newspaper.

The former government spokesman said he hoped this move would put to rest any suspicions of lingering involvement by the Gupta family in the media company.

Manyi bought the newspaper and TV channel from the Guptas’ Oakbay business‚ with R450-million the Guptas lent him in a vendor financing deal.

He said the amount owed had been renegotiated‚ lowered and then settled in full.

ANN7 spokeswoman Gugu Masinga confirmed the amount paid to clear the debt was lower than the R450-mil- lion Manyi had borrowed.

Manyi’s company Afrotone Media Holdings said on Saturday night its ownership of Infinity Media Networks‚ ANN7 and The New Age was now debt-free and unencumbered.

“As a truly South African 100% black-owned and managed company‚ these developments strengthen our position to realise the benefits of this strategic acquisition,” it said.

Manyi said he had informed MultiChoice that he owned 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 the Guptas R25-million. – TimesLIVE