Afrotone Media Holdings (AMH) has on Saturday announced that it has settled the vendor financing between ANN7 and The New Age.
Afrotone now owns the newspaper The New Age and TV station Ann7.
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.
“Consequently, Afrotone Media Holdings’ ownership of Infinity Media Networks, ANN7 and The New Age is now debt free and unencumbered.”
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.
“As a truly South African 100% Black-owned and managed company, these developments strengthen AMH’s position to realise the benefits of this strategic acquisition.”
Manyi has informed all affected parties, including Multichoice, paving a way for AMH to embark on a re-branding journey in order to re-position itself as a crucial player in the South African Media and a formidable bidder to replace ANN7 channel.