Discussions are underway regarding the potential acquisition of Multichoice by the renowned French television network Canal+. The move comes as Canal+ prepares to submit a bid in April, signaling a possible shift in ownership dynamics for one of Africa’s leading pay-TV providers.
French media conglomerate Canal+ announced its intention to acquire additional shares of South African pay-TV giant MultiChoice, of which it currently holds a 35.01% stake. The firm stated it will publish its definitive intention to proceed with the purchase no later than April 8, following a directive from South Africa’s Takeover Regulations Panel.
The panel’s decision, issued last Wednesday, mandated Canal+ to promptly disclose its firm intention, triggered by its recent increase in MultiChoice ownership. Canal+ confirmed its compliance with the ruling, highlighting its application for and receipt of an exemption from adhering to the specified timing constraints. As part of this arrangement, the panel has granted an extension of 25 business days for the process.
Last month, Canal+ presented an offer to acquire the remaining shares of the DSTV owners at 105 rand per share, positioning itself as the largest shareholder in the company. However, MultiChoice turned down the bid, upholding that it substantially undervalued the organization.
In response to Canal+’s latest announcement, MultiChoice acknowledged the development, affirming that its board will persist in acting in the best interests of the company and its shareholders.
Amidst these developments, shares of MultiChoice, the parent company of DStv and on-demand streaming platform Showmax, saw a notable uptick of 2.56% as of 08:40 GMT
Good to Know
For over three decades, CANAL+ has been active across the African continent. With a presence in over 25 countries, it operates through 16 subsidiaries and collaborates with over 300 partners and distributors, reaching customers through a network of over 8,000 sales outlets.
As the foremost pay television provider in French-speaking Africa, CANAL+ offers access to a vast array of entertainment options. It boasts over 200 channels, including 32 thematic channels tailored for the region and delivers 2,000 hours of content and programs annually. Additionally, CANAL+ supports local channels in various indigenous languages, enriching the viewing experience for diverse audiences.