Debating socio-political factors that caused the delay of television establishment in South Africa, scholars refer to the fears of democratisation that the apartheid regime perceived television as a threat to its colonial grip. Introduced in 1976, television broadcast through the South African Broadcasting Corporation (SABC) served only the interests of white colonial settlers. Although media diversity and ownership improved in the post-apartheid South Africa, this chapter shows that there are still some political implications on who should own television and what content to distribute. The chapter probes into the contemporary political economy of television broadcast wondering if the fears of democratisation, as they were during the apartheid, changed or ended with apartheid. The chapter refers to the closing of the ANN7 television channel in 2018, which was funded by the Gupta family, whether its closing was due to failure of contract renewal with DSTV MultiChoice or if there were socio-political issues. Using political economy as theory, we grapple with questions: what were the main causes leading to the closure of the ANN7 television channel and to what extent were the causes in the interest of media freedom? A document analysis shows that ANN7 was closed due to its source of funding from the Guptas, and its editorial content which was viewed as pro-Zuma. We thus argue that the closure of ANN7 threatened media freedom and democracy, and the diversity of media ownership in South Africa.