On Monday, French media powerhouse Canal+ announced that it has officially acquired control of South African television and streaming entity MultiChoice, forging a new media group that spans nearly 70 countries across Africa, Europe, and Asia.
In a collaborative statement, the companies revealed that the newly formed entity will employ around 17,000 staff members and cater to over 40 million subscribers.
This acquisition marks the largest transaction in Canal+’s history, according to the announcement.
Canal+, already a dominant player in French-speaking African markets, has now gained control of what it deems the leader in English- and Portuguese-speaking regions of the continent.
“This acquisition solidifies our leadership position in Africa, one of the most vibrant pay-TV markets globally,” stated Maxime Saada, CEO of Canal+.
The deal received final approval from South Africa’s competition authority in late July, concluding a process that took over a year since Canal+ first expressed its interest.
When Canal+ initiated its offer last year, it proposed a price of 125 rand ($7.2) per share for MultiChoice, valuing the South African company at approximately $3 billion.
Canal+ operates in 25 African nations with 16 subsidiaries and boasts around eight million subscribers.
In contrast, MultiChoice is active in 50 countries throughout sub-Saharan Africa, serving 14.5 million subscribers and including notable brands such as Africa’s leading sports broadcaster, SuperSport, and the DStv satellite television service.
AFP
