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French media giant, Canal+ bids $1.7bn for Multichoice

Modupeoluwa Olalere by Modupeoluwa Olalere
February 4, 2024
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French media giant,Canal+ bids $1.7bn for Multichoice
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French media giant Canal+ wants to buy DSTV’s South African parent firm, Multichoice. It was stated recently and witnessed by multiple media outlets. Canal+, a significant MultiChoice shareholder, acknowledged that it sent a letter to the Board of Directors.

Canal+’s non-binding indicative offer to buy Multichoice’s issued ordinary shares is included in the letter, reports said. Canal+ Chairman and CEO Maxime Saada said the acquisition will provide the South African media company the strategy it needs to succeed.

MultiChoice needs a plan that boosts its scale and local and global skills to succeed in Africa. If successful, our Potential Offer would help MultiChoice reach its full potential, the CEO remarked.

Canal+ stated that regulatory permissions are required before acquiring.

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The statement states that Canal+ expects its offer to be for a cash consideration of R105 per MultiChoice ordinary share, a 40% premium to MultiChoice’s closing share price of R75 on 31 January 2024, subject to particular confirmations.

Read also: MultiChoice appoints Zappia as Chairman of Showmax

Multichoice’s income decline and Canal’s help

DSTV’s parent firm, Multichoice, has had a rough go in Africa. The corporation lost R911 million ($50.2 million) after taxes in Q2 and Q3 of 2023 from April 1 to September 30. It is a significant drop from 2022’s R55 million after-tax profit.

As the company’s share price fell, owners lost $1.7 billion. Company revenue fell 1% to R28.3 billion from R28.7 billion. Operating profit fell 22% from R6.2 billion to R4.8 billion.

Aside from these difficulties, MultiChoice’s free cash flow decreased significantly, coming in at R1.07 billion, 40% less than the R1.8 billion recorded the year before.

In December, CFO Tim Jacobs expected “inflationary price increases” in January. Financial concerns are growing as the company stabilises its balance sheet, the CFO said. He believes DStv needs inflation-level price rises to grow and offer quality shows.

Canal+, the company’s largest shareholder, must recover their investment due to these difficulties. MultiChoice believes it can invest in scale, local African talent and narrative, and best-in-class technology by merging both organisations’ assets to compete with global streaming media companies in Africa.

MultiChoice Showmax to focus exclusively on Africa

MultiChoice may thrive after a Canal+ merger, says CEO Maxime Saada.

Canal+ will send the Independent Board a strong intention letter after thorough diligence. The Potential Offer’s development and transaction specifics are unknown.

However, Canal+ stated it respects and observes all laws and regulations relating to the South African media sector and Johannesburg Stock Exchange-listed companies and that any definite intention letter would be conscious of its commitments.

In addition, the French powerhouse is preparing for its IPO after Vivendi’s unbundling. Thus, Canal+ and MultiChoice will benefit investors if this deal goes through.

Canal+ stated, “Our ultimate goal is to obtain a listing in South Africa.”

Tags: Canal+French mediaMultiChoice
Modupeoluwa Olalere

Modupeoluwa Olalere

Modupe is a tech content writer with 3+ years of experience turning complex ideas into clear, engaging stories. She covers innovation, digital trends, and emerging technologies. When she’s not writing, she’s exploring new tools or tracking trends shaping Africa’s tech ecosystem.

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