fbpx
Connect with us

News

Canal+ Pursues MultiChoice Acquisition, Offers $2.9 Billion

Canal+ Pursues MultiChoice acquisition with a $2.9 billion offer, aiming to expand its global presence in the media industry.

Published

on

Canal+ Pursues MultiChoice
Multichoice

Canal+ Pursues MultiChoice acquisition with a $2.9 billion offer, aiming to expand its global presence in the media industry.

Canal+ Emerges as Major Shareholder with 31.67% Stake, Eyes Expansion into Africa.

In a strategic move to bolster its global presence and challenge US entertainment giants, Canal+ is vying to acquire MultiChoice, a leading player in the African broadcasting market.

VerseNews gathered that despite Canal+’s formal bid of $2.9 billion and ambitious plans to create a global media powerhouse, the offer faced rejection from the South African firm.

Advertisement

According to data from the London Stock Exchange Group (LSEG), Canal+ currently holds a significant 31.67% stake in MultiChoice. However, the rejection of the deal indicates a potential impasse in negotiations between the two entities.

Maxime Saada, CEO of Canal+, revealed the company’s vision to establish a combined entity that would be double-listed in both Europe and Johannesburg. This strategic move aims to enhance Canal+’s competitive edge in the global media landscape, especially in Africa, where MultiChoice has a strong foothold.

“We are confident that we can address the foreign ownership topic, as we are present in 50 countries,” stated Saada, highlighting Canal+’s extensive international presence and its experience navigating regulatory frameworks.

Furthermore, Canal+ intends to undergo a restructuring, dividing itself into four publicly traded units to maximize the value of its assets. This restructuring follows the recent listing of its most valuable business, Universal Music Group, indicating Canal+’s commitment to unlocking greater value for its stakeholders.

Advertisement

Saada emphasized the importance of scale and purchasing power in acquiring US content and investing in African productions to reach global audiences.

“To extract value from that and invest in African content… it only makes sense to be part of a global company,” he stated, underscoring the strategic rationale behind the proposed acquisition.

Despite MultiChoice’s rejection of Canal+’s bid, the market responded positively, with MultiChoice’s shares rising by 4.2% to 117 rands as of 12:38 pm in Johannesburg.

Since Canal+’s initial announcement of its acquisition plans in February, MultiChoice’s shares have surged by approximately a quarter, reflecting investor optimism surrounding the potential implications of the proposed deal.

Advertisement
whatsapp

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

WATCH: Nigeria Newspaper Headline Today

Apply For Latest Job Openings

Trending

JUST IN: FG Bans Money Ritüal, Smöking, Crime Scenes In Nollywood Films JUST IN: FG Bans Money Ritüal, Smöking, Crime Scenes In Nollywood Films
Entertainment41 mins ago

JUST IN: FG Bans Money Ritüal, Smöking, Crime Scenes In Nollywood Films

The Federal Government of Nigeria has approved regulations prohibiting the depiction of money rituals, ritual killings, tobacco use, and other...

I'm Obsessed With Ayra Starr - Tiwa Savage I'm Obsessed With Ayra Starr - Tiwa Savage
Entertainment4 hours ago

I’m Obsessed With Ayra Starr – Tiwa Savage

Tiwa Savage recounted facing heavy criticism for her "sexy" style and "risky" lyrics early in her career, and praised Ayra...

Late Access Bank CEO’s varsity, Wigwe University Announces Resumption Date, Tuition Fee Late Access Bank CEO’s varsity, Wigwe University Announces Resumption Date, Tuition Fee
Education1 week ago

Late Access Bank CEO’s varsity, Wigwe University Announces Resumption Date, Tuition Fee

Wigwe University, founded by the late Herbert Wigwe, will launch in August 2024 in Isiokpo, Rivers State, offering programs across...

7 Inspiring Facts About Eagles That Will Motivate You Every Day 7 Inspiring Facts About Eagles That Will Motivate You Every Day
Lifestyle1 week ago

7 Inspiring Facts About Eagles That Will Motivate You Every Day

Discover the inspiring qualities of eagles that can motivate you every day, from their exceptional vision and fearlessness to their...

Tacha Reveals Cost Of Her Outfit At AMVCA 2024 Tacha Reveals Cost Of Her Outfit At AMVCA 2024
Entertainment1 week ago

Tacha Reveals Cost Of Her Outfit At AMVCA 2024

Former BBNaija star Tacha reveals her $100k outfit for AMVCA 2024, sparking mixed reactions online, adding to her reputation as...

When Is It Wrong To Say "I'm Sorry" In A Relationship? When Is It Wrong To Say "I'm Sorry" In A Relationship?
Relationship1 week ago

When Is It Wrong To Say “I’m Sorry” In A Relationship?

Saying "I'm sorry" in a relationship is crucial but can be damaging if overused, used manipulatively, or when one hasn't...

Tinubu’s Government To Borrow Fresh N3.35trn ($2.25bn) From World Bank Tinubu’s Government To Borrow Fresh N3.35trn ($2.25bn) From World Bank
Politics1 week ago

Tinubu’s Government To Borrow Fresh N3.35trn ($2.25bn) From World Bank

President Tinubu's government is set to secure a $2.25 billion loan from the World Bank, with exceptionally favorable terms including...

I Was Offered Money To Impeach Fubara - Rivers Governor's Aid, Ehie Confesses I Was Offered Money To Impeach Fubara - Rivers Governor's Aid, Ehie Confesses
Politics1 week ago

I Was Offered Money To Impeach Fubara – Rivers Governor’s Aid, Ehie Confesses

Edison Ehie, Chief of Staff to the Rivers State Government, alleged he was offered money to impeach Governor Siminalayi Fubara...

Minister Of Power Distributes 10,000 Bags Of Rice In Oyo State As Part Of Tinubu's Renewed Hope Agenda Minister Of Power Distributes 10,000 Bags Of Rice In Oyo State As Part Of Tinubu's Renewed Hope Agenda
News1 week ago

Minister Of Power Distributes 10,000 Bags Of Rice In Oyo State As Part Of Tinubu’s Renewed Hope Agenda

Minister of Power, Adebayo Adelabu distributed rice in Oyo State to various groups, stressing its non-political nature and pledging transparent...

Nigerians Call For Arrest Of Man Accused Of S3xualizing And Using Photos Of 4-Year-Old Girl For P*rnography (Video) Nigerians Call For Arrest Of Man Accused Of S3xualizing And Using Photos Of 4-Year-Old Girl For P*rnography (Video)
Entertainment1 week ago

Nigerians Call For Arrest Of Man Accused Of S3xualizing And Using Photos Of 4-Year-Old Girl For P*rnography (Video)

Going viral on various social media is the report of a Nigerian dad Musa Suleman Defunnytv who posted posters of...

Advertisement