Sold! ANN7 and The New Age buildings auctioned for R29.5m

2018-11-28 18:59

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Going once, twice, and sold!

ANN7 and The New Age offices in Midrand have been auctioned for R29.5m and items such as cameras and furniture were let go for R500 000.

Park Village Auctions auctioned the property and items on Wednesday.

"A total amount of R36m, including VAT and auctioneer's fee, was reached," auctioneer Clive Lazarus told News24.

The property includes three semi-detached warehouse buildings, each with its own double-storey offices comprising reception, kitchen, cloakrooms, private offices, boardroom and open-plan office areas.

EWN reports that the property has been partly bought by businessman Nazeer Noormohamed.

He told the news station that he was part of a consortium that is considering running a media company from the property.

Noormohamed owns media company Nismedia which operates in Tshwane.

Businesses liquidated

The New Age and TV station ANN7 were initially operated by a Gupta-owned company, Oakbay Investments.

After the Bank of Baroda cuts ties with Oakbay, and the country's four banks also blacklisted it, the two media outlets were sold to former government communicator turned businessman, Mzwanele Manyi, reported Fin24.

READ: Former Gupta newspaper offices to be auctioned

Manyi tried rebranding the media group's ANN7 into Afro Worldview and the New Age newspaper into Afro Voice in an effort to bring business to the company. The move failed, leading Manyi to apply for the business' liquidation.

His troubles worsened when MultiChoice pulled the plug on Afro Worldview on DStv's channel 405, leading to its immediate closure.

In an affidavit that was part of his application for liquidation at the time, Manyi said "there were no prospects of rescue for the company under the prevailing circumstances".

Read more on:    johannesburg  |  media
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