Oakbay Investments announces the sale of its shareholdings in Infinity Media and TNA Media to Lodidox and Management for R450 million
Oakbay Investments announces it has reached agreement with Lodidox and Management for the sale Of its shareholdings in its two media businesses, Infinity Media and TNA, for a combined consideration of R450 million. The transaction comprises:
The sale of Oakbays shareholding in Infinity Media, which operates the ANN7 News Channel, for R300 million: and
The sale of Oakbays two-thirds stake in TNA Media, the publisher of The New Age newspaper, for R150 million.
The agreement is expected to be concluded over the next few weeks, subject to any regulatory requirements.
The sale is part Of Oakbays 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.