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TRENDING
March 7, 2024
Canal Plus Raises MultiChoice Bid
Vivendi's Canal Plus has offered to buy all the shares it does not own in South Africa's MultiChoice Group for roughly $1.7 billion to strengthen its hand in a competitive international pay TV market. By K Dass.
South Africa - Canal+, the French media company,
has recently increased its bid to acquire MultiChoice, a South African media
group. The new mandatory offer stands at approximately 125 South African rand
per share (which is approximately $6.60), valuing MultiChoice at about 33.7
billion rand.
Canal+
already owns just over 35% of MultiChoice and aims to create a large-scale
African media company capable of thriving in an increasingly competitive
international market. The offer is now under assessment by shareholders during
a period of exclusivity. MultiChoice, with around 20 million subscribers across
Africa, operates pay-TV services and the streaming platform Showmax. The recent
increase in Canal+'s offer has caused MultiChoice’s share price to jump by 4%.
Canal+ has
been gradually accumulating shares in MultiChoice, stoking talks of an imminent
takeover. Since 2020, the French company has increased its stake in MultiChoice
from 20.1% to 35.01% in February 2023. Per South African law, a stake exceeding
35% requires Canal+ to make a mandatory offer to MultiChoice shareholders.
The African
media market is vibrant and diverse, with several notable companies operating
across the continent. Just to name a few - ESSENCE: A leading media,
technology, and commerce company dedicated to Black women, inspiring an
audience of over 20 million. ESSENCE is renowned for its signature magazine and
the annual ESSENCE Festival held in New Orleans.
Blavity: An
American Internet media company created by and for Black millennials. Blavity’s
mission is to economically and creatively support Black millennials across the
African diaspora, empowering them to pursue their passions and effect positive
change.
Urban ONE:
With a mission to be the most trusted source in the African-American community,
Urban ONE provides culturally relevant integrated content through radio,
television, and digital platforms. Their brands include Hello Beautiful, Global
Grind, and Cassius.
The Shade
Room: Originally focused on celebrity news, The Shade Room has evolved into a
community news platform where readers express honest opinions on various
topics. It provides trending news and engages its affectionate readers known as
“roommates”.
Carefree Mag:
Described as “chicken soup for the Black woman’s soul,” Carefree Mag offers a
safe space for love, life, and adventure stories from Black women.
OkayAfrica:
Founded in 2011, OkayAfrica is a popular destination for Africans both on the
continent and in the diaspora. It celebrates African culture, music, and
lifestyle.
MEFeater: An
independent online magazine based in New York City, MEFeater focuses on pop
culture, music, entertainment, and fashion. It caters to “cool Millennials” who
want to stay informed about trends and current events.
Afriquette: This
independent online journal documents moments, people, movements, and feelings
shaping Africa and its diaspora today.
