Manyi will continue "the business of fake news and reporting", the EFF said in a statement.

"[There]… is nothing 'media transformation' about this deal; to call it this is like thinking the apartheid's creating of Bantustans was a progressive liberation move for black people. Like Bantustan leaders, Manyi is a stooge representing the entrenchment of Gupta corruption in our country."

Manyi declined to comment to News24 on the EFF statement.

The EFF called on The New Age to return the money it received from state-owned enterprises.

"We know that The New Age has been a sole beneficiary of many corrupt deals in state institutions like SAA and SABC, as well as in many state departments," it said.

"This means The New Age should be returning all the money it made through illegal and questionable deals like that with the SABC Morning Live Business Breakfast."

Gupta-owned Oakbay Investments announced on Monday that Manyi - through a shelf company he took over in June - had bought the entities for R450 million through a vendor financing deal.

In an earlier statement, Manyi said he was "delighted to have reached agreement with Oakbay and look forward to successfully completing the deal.

"These are two strong businesses which are full of potential and, under the right external circumstances, can become an increasingly important and relevant part of the South African media landscape.

"In addition, I am particularly impressed that the shareholders of Oakbay have agreed to do a vendor financing at acceptable terms as part of their commitment to transformation and to expedite the transaction."

News24