ANN7 rebrands as Afro Worldview

ANN7 rebrands as Afro Worldview”

Manyi's Afrotone Media is also participating in the bidding process of the proposed new black-owned news channel on the DStv platform to succeed ANN7.

In an effort to put to rest any "suspicions of lingering involvement" by the Gupta family in ANN7 and The New Age, owner Mzwanele Manyi released a statement on Sunday saying he had paid his debt to the family.

"Afro Worldview's vision is to be the trusted voice of Africa".

The company said that this was a "strategic decision" to break away from the scandal-ridden fugitive Gupta family, who sold the media platforms to Manyi through vendor financing, suggesting the Guptas loaned Manyi the money to buy their media entities.

Manyi's statement said he was "rebranding" and he hoped his debt-free ownership would give the market confidence to avert potential job losses for 500 young, black employees.

More news: US Market Indexes Close Mostly Lower on Monday

The New Age and ANN7, like many other Gupta-owned firms, have fallen on hard times since the Guptas left the country in the wake of revelations about their alleged role in state capture. Manyi announced on Saturday that the R450-million price tag had to be renegotiated and was lowered, leading to a full settlement.

The channel will then stop broadcasting on DStv on 20 August, as the contract to broadcast ANN7 on DStv will not be renewed.

MultiChoice said in a statement on Monday that ANN7 will be rebranded as Afro Worldview on 30 April and will remain on DStv channel 405.

MultiChoice representatives when questioned however would not name any of the various bidders.

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