UPDATE (24/4): The ANN7 and The New Age are rebranding. On Monday eNCA confirmed that ANN7 news channel will change name to Afro Worldview and will go live at the end of the month. The New Age newspaper changes to Afro Voice.
Mzwanele Jimmy Manyi’s Afrotone Media Holdings (AMH) has on Saturday announced that it has settled the vendor financing between ANN7 and The New Age.
Now this means, Manyi fully owns The New Age newspaper and ANN7 TV station.
This follows lengthy negotiations between the Consortium and the Gupta’s Oakbay, which led to the varying of the initial vendor finance deal.
Afrotone Chairperson Mzwanele Manyi said that Oakbay has agreed to fully release its hold on the companies’ shares leading to a newly negotiated settlement deal.
He said these developments should finally put to rest any suspicions of lingering involvement of the Guptas and importantly should provide the much needed market confidence to avert potential job loss of over 500, mainly black and young employees.
Afrotone Media Holdings will go ahead with rebranding and reposition itself ‘as a crucial player in the South African Media and a formidable bidder’ to replace ANN7 channel.
Few months ago it was revealed that Multichoice will be dumping the channel, which means it will be taken off DStv when it’s contract expires in August 2018. Furthermore, DA has confirmed that ICASA is investigating MultiChoice over allegations of the payments made to the SABC and ANN7.