Canal+, the French media giant, has significantly upped its game in the acquisition bid for MultiChoice, Africa’s premier subscription TV provider.
Their latest offer stands at a substantial $2.9 billion (£2.2 billion) to secure full ownership of the South African broadcasting powerhouse.
This move marks a notable increase from Canal+’s initial bid of $1.7 billion in February, which was flatly turned down by MultiChoice’s board for undervaluing the company’s worth.
MultiChoice, renowned for its DSTv platform and streaming service Showmax, dominates Africa’s subscription TV landscape. Canal+ already commands a 35% stake in MultiChoice and is the major shareholder of the South African firm.
The proposed acquisition of MultiChoice forms a key part of Canal+’s broader strategy to extend its footprint across the continent, branching out from its stronghold in West Africa and predominantly French-speaking nations.
Operating across 25 African countries, Canal+ stands as the foremost pay TV service provider in French-speaking African regions.
MultiChoice has faced dwindling profits in recent years amid intensifying competition from streaming platforms. This acquisition bid signals Canal+’s ambition to bolster its position in Africa’s media market amidst evolving consumer preferences and industry dynamics.
