By Reuters
South Africa’s Competition Tribunal has approved France’s Canal+ R35 billion ($2 billion) takeover offer for TV broadcaster MultiChoice, subject to agreed conditions, the companies said on Wednesday.
The deal marks a watershed in Africa’s media landscape, potentially reshaping the continent’s broadcasting system. It signals a strategic consolidation aimed at countering global streaming giants such as Netflix.
The deal is transformative for Canal+ as part of its expansion in Africa, particularly in English-speaking regions, while for MultiChoice, it will provide much-needed capital to supercharge its local content and innovation.
Canal+, which spun off from parent company Vivendi in December, made a firm offer last year of R125 in cash per MultiChoice share that it does not own, valuing MultiChoice at about R55 billion.
The agreed conditions include a package of guaranteed public interest commitments proposed by the parties. The package supports the participation of firms controlled by Historically Disadvantaged Persons (HDPs) and Small, Micro and Medium Enterprises in the audio-visual industry in South Africa.
“This package will maintain funding for local South African general entertainment and sports content, providing local content creators with a strong foundation for future success,” the companies said.
Reuters