French media giant Canal+ has put R31.7 billion ($1.6 billion) offer on the table to acquire MultiChoice, Africa’s leading entertainment company. It’s interesting to see what’s going to happen because French company already owns 31.7% of MultiChoice.
Canal+ is optimistic, stating that a partnership with MultiChoice would pave the way for success and provide MultiChoice with a solid future.
“It is the ambition of Canal+ to create an African media business with enhanced scale, which can thrive in a competitive international market, better serve its consumers with a world-leading offering of sports, local and global content, and ensure that Africa can tell her story to a global audience on her own terms,” said Canal+ is a statement.
“However, the media industry in which MultiChoice is operating is becoming increasingly globalised and competitive, with regional media companies having to compete with the firepower of global media titans, with enormous resources to invest in content, marketing and technology.”
In 2023 we saw Comcast, the parent company of NBCUniversal and Sky busying a 30% stake of MultiChoice.
Canal+ chairman and CEO Maxime Saada said, “For MultiChoice to continue to thrive in Africa it will require a strategy that enhances its scale as well as strengthened local and global expertise.”
“Combined with Canal+, MultiChoice would have the resources to invest in scale, local African talent and stories, and best in class technology, to allow it to grow in Africa and compete with the global streaming media giants,” Saada adds.
Canal+ stated that is willing to play ball and respect the laws of the country and black empowerment agenda.
“We recognise that the economic transformation of South Africa is an imperative,” it said. “We are fully committed to the combined group being ‘best-in-class’ in terms of B-BBEE and participation of historically disadvantaged groups, and acknowledge the key role played by Phuthuma Nathi in this regard.”
