French Canal+ Offers $2.9b To Buy MultiChoice
France’s largest media corporation, Canal+ has made an offer to buy the remaining shares of Multichoice, the parent company for Showmax, DSTV, and Africa Magic for $2.9 billion, both companies said on Monday, April 8, 2024.
The move immediately positions Canal+ to dominate the African paid content scene and become the singular biggest entertainment, news, and sports content player on the continent.
Canal+ already holds the majority stake in MultiChoice.
The Company Said “A combined group would be better positioned to address key structural challenges and opportunities resulting from the progressive digitalisation and globalisation of the media and entertainment sector,“
The board of MultiChoice rejected Canal+’s previous offer in February of $5.65 per share as being undervalued. Canal+ has sweetened the bid to $6.73 per share, payable in cash, in the new required offer. MultiChoice is worth around $3.8 billion at this point.