MultiChoice Group has stated that Marc Jury will be the interim CEO of its Showmax business. The change is happening as the previous CEO Yolisa Phahle, gets ready to retire.
MultiChoice Group CEO Calvo Mawelo discussed Phahle’s departure in an internal memo obtained by the media. He stated, “It is with mixed emotions that I announce that our Showmax CEO, Yolisa Phahle, is moving on to the next stage of her career.”
On September 1, Showmax will report to Marc Jury, and Yolisa Phahle will advise him full-time for six months. This leadership handover ensures a smooth transition.
Before his time, Rendani Ramovha became SuperSport CEO. Note that Ramovha will momentarily report to former SuperSport CEO Marc Jury.
In January, MultiChoice’s Rest-of-Africa business hired former Icasa CEO Keabetswe Modimoeng as Group Executive of Corporate Affairs and Stakeholder Relations. The corporate affairs office structure changed, creating this post. At the end of August, Collen Dlamini, Modimoeng’s predecessor, quit the company.
“We wish Rendani, Marc, and Kea the best as they take on their new roles, and we’d like to thank Tex Teixeira, who has been holding down the fort on the SuperSport front,” Mawela said.
Read also: Multichoice DSTV Stream is now available to subscribers on two devices
MultiChoice service updates
MultiChoice, a major Pay-TV firm, updated its smartphone apps from “DStv” to “DStv Stream” a month ago. With this change, DStv now lets streaming-only users watch on up to two devices for a fraction of the cost of a standalone subscription.
The updated app’s “Extra Mobile Stream” option lets clients view material on a smartphone, tablet, or laptop besides their primary stream.
The company’s share price plummeted after JP Morgan Chase & Co. downgraded it. At 12:27 GMT, its shares were down 11.73% after plunging 12% early.
According to Reuters, the brokerage company changed the rating of MultiChoice shares from “neutral” to “underweight.” This shows an estimate of how the stock will do in the next six to twelve months compared to other stocks in its covered universe. This changed the share price. So, buyers should sell stock in the company.
For the year ending March 31, 2023, Multichoice Nigeria made N277 billion (ZAR9.1 billion) from subscriptions.
Last year, the company made N177.5 billion (ZAR7.1 billion) in sales, 29% more than this year. This made a big difference in Multichoice Group’s sales, which went up 7% to ZAR59.1 billion.
MultiChoice stock drops by 12% as JP Morgan lowers its rating
MultiChoice Group will launch Moment, a payment infrastructure platform for African businesses that will be the first of its kind. Rapyd and General Catalyst will invest in the project.
Moment wants to change the way payments are made in Africa by giving companies a faster, cheaper, and easier way to pay that meets the needs of both buyers and sellers.
A South African media company raised the Nigerian registration fees. The price went up on May 1, 2023.
Even though this isn’t just a Nigerian thing, the rate of subscriptions has grown by up to 16% compared to other African countries. MultiChoice says that Kenya and South Africa gave also grown. It made DStv subscriptions more expensive in Kenya by 5% and South Africa by between 3% and 10%.