Wednesday, August 14, 2013
President Jacob Zuma's son, Duduzane Zuma, is a shareholder in ANN7 as South Africa's new, third 24-hour TV news channel on DStv.
South African president Jacob Zuma's son, Duduzane Zuma, is a shareholder with an interest in ANN7 (DStv 405), the new and third 24-hour South African TV news channel which will start broadcasting on 21 August on MultiChoice's DStv satellite pay-TV platform.and which is promising "balanced news coverage".
Duduzane Zuma holds a 45% stake in Mabengela Investments. Mabengela Investments has a 21% interest in Infinity Media which is the owner of ANN7.
Infinity Media in a statement announced the shareholding breakdown of ANN7 before the launch next week of the new South Africa TV news channel which will compete with the existing eNCA (DStv 403), and SABC News (DStv 405) which started two weeks ago and which is the SABC's second attempt at a 24-hour TV news channel.
Infinity Media is owned jointly by Essel Media (35%), Oakbay Investments, the Gupta family's investment vehicle (35%), Mabengela Investments (21%) and a further 9% has been reserved for staff and management.
Besides Duduzane Zuma's 45% stake in Mabengela Investments, the other stakeholders in Mabengela Investments are Rajesh Kumar Gupta (25%), Aerohaven Trading (15%), Fidelity Investments (10%), Mfazi Investments (3%) and Ashu Chawla (2%).
Laxmi Narain Goel will be sitting on the board of directors of Infinity Media together with Arpit Goel, Atul Gupta, Varun Gupta and Nazeem Howa.
Laxmi Narain Goel is the vice chairperson of the Essel Group and was until a few years ago the executive director of Zee Entertainment Enterprises Limited.
"As a family deeply invested in leading media products, we discussed this investment opportunity last year and there was no hesitation to go ahead," says Laxmi Narain Goel in a statement. "Thus far, things have gone very well and we look forward to a successful launch with our partners in Infinity Media."
Laxmi Narain Goel says ANN7 will have "balanced news coverage, ensuring that the interests of the ordinary people in South Africa are covered".