The AfroVoice newspaper, formerly known as The New Age, will no longer be in production with immediate effect, according to two staff members.
AfroVoice journalist based in Cape Town Vincent Cruywagen said that the news was announced by owner Mzwanele Manyi during a staff meeting on Thursday.
"He has asked all staff to stay at home until further notice, but promised he would pay our full July salaries," Cruywagen said.
"I'm 56 years old. Where am I going to get a job? They can't just pay one month's salary."
Another journalist, who asked not to be named, tearfully described the ordeal.
"We were called into a meeting at 16:45 and we were told that we don't have jobs anymore," the Johannesburg journalist said.
"What can I do? I have to apply for jobs because I have a family to feed. I need to take care of my little brothers because my father died a few years ago."
Manyi acquired the New Age and news channel ANN7, renamed Afro Worldview, from the controversial Gupta family in 2017.
The publication and broadcaster were renamed in an attempt to break away from the Guptas' scandalous reputation.
Manyi was not available for comment despite several calls and messages.
Two more journalists from the publication's Johannesburg office confirmed to News24 that they had heard the rumour, but said that management had not told them anything yet.
They said they were hoping to be incorporated into the company's broadcaster.