Shares in media and entertainment group Johnnic Communications (Johncom) were at an all time high in early trade on Tuesday morning.
The share was last at 108 rand ? up 3.45 percent, or 360 cents, from its previous close.
Business Day reported on Tuesday morning that there were strong rumours in the market late on Monday that Tokyo Sexwale's Mvelaphanda group has quietly bought control of Johncom, owners of the Sunday Times, Sowetan and half of Business Day and the Financial Mail. An announcement may be made today.
Business Day said it understands that Mvela bought the stake in Johncom held by asset manager Allan Gray. The transaction may have taken place late last week, just after Mvela published a cautionary notice.
There is no indication how much was paid for the stake, but Allan Gray held about 30 percent of Johncom. Abdul David of Allan Gray described the reports as "speculation".
The new speculation arises out of a surprise announcement at the weekend by Johncom that it had ended talks with potential black investor groups. Johncom is still not viewed as a fully black-empowered company, and the need to become one had been driving the talks.
But Johncom withdrew a cautionary notice last week, just as Mvela was issuing one of its own, the paper noted.