Vivendi's Canal+ submits offer to acquire MultiChoice
Vivendi's Canal+ has submitted an offer to acquire South African pay TV company MultiChoice Group, the company said in a statement on Thursday.
Source: www.unsplash.com
Canal+, which is a major shareholder in the group with a 31.67% stake according to LSEG data, said it would pay a cash consideration of R105 per MultiChoice ordinary share, and is also aiming to obtain a listing in South Africa.
It said the offer represents a 40% premium to MultiChoice's closing share price of R75 on Wednesday.
"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. Our potential offer, if successful, would be an important next step for MultiChoice to realise its full potential," Maxime Saada, chairman and CEO of Canal+, said in a statement.
Saada added that MultiChoice would have the resources to invest in scale, local African talent and stories, and technology to allow it to grow in Africa and compete with global streaming media giants.
Africa's biggest pay TV company MultiChoice has over the years been investing billions of rand to fight off competition from international streaming giants such as Netflix, Amazon and Disney, some of which have also been investing in local content.
Source: Reuters
Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.
Go to: https://www.reuters.com/Related
Elon Musk’s xAI acquires X 17 hours South Africa shines as New York Festivals finalists 20 Mar 2025 Television access at risk for millions of South Africans as analogue switch-off date is contested 19 Mar 2025 MultiChoice Talent Factory Day at the 7th Joburg Film Festival 13 Mar 2025 Banking, retail and telecoms power SA’s brand value to over R600bn in 2025 6 Mar 2025 BBC News takes full responsibility for Gaza: How To Survive A Warzone shortcomings 3 Mar 2025
