{"id":26483,"date":"2024-04-08T16:17:17","date_gmt":"2024-04-08T16:17:17","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=26483"},"modified":"2024-04-08T16:17:17","modified_gmt":"2024-04-08T16:17:17","slug":"canal-offers-2-9-billion-for-multichoice","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/04\/08\/canal-offers-2-9-billion-for-multichoice\/","title":{"rendered":"Canal+ Offers $2.9 Billion for MultiChoice"},"content":{"rendered":"<p><em><strong>By Cynthia Abah<\/strong><\/em><\/p>\n<p>French media giant Canal+ has put forth a bid of $2.9 billion to acquire MultiChoice, the parent company of Africa Magic, DSTV, and Showmax, both entities confirmed on Monday, April 8, 2024.<\/p>\n<p>This move aims to leverage a combined group&#8217;s strengths to tackle the evolving landscape of the media and entertainment industry amidst increasing digitalization and globalization, according to statements from the companies.<\/p>\n<p>With Canal+ already holding a majority stake in MultiChoice, this acquisition would position Canal+ as a dominant force in Africa&#8217;s paid content market, establishing it as the leading player in entertainment, news, and sports content across the continent.<\/p>\n<p>Previously, MultiChoice&#8217;s board had rejected Canal+&#8217;s offer of $5.65 per share in February, deeming it undervalued. In response, Canal+ has revised its bid to $6.73 per share in cash, subject to approval by MultiChoice shareholders. MultiChoice, currently valued at approximately $3.8 billion, will convene its independent board to assess the new offer.<\/p>\n<p>However, Canal+ faces regulatory hurdles in South Africa, including requirements for Black economic ownership and restrictions on foreign media ownership. To address these challenges, Canal+ is exploring local partnerships. Additionally, there are reports that South African billionaire Patrice Motsepe may join the bid to help meet Black ownership requirements.<\/p>\n<p>While MultiChoice has a strong presence in English-speaking countries such as South Africa and Nigeria, Canal+ has a broader influence in French-speaking African nations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Cynthia Abah French media giant Canal+ has put forth a bid of $2.9 billion to acquire MultiChoice, the parent company of Africa Magic, DSTV, and Showmax, both entities confirmed on Monday, April 8, 2024. This move aims to leverage a combined group&#8217;s strengths to tackle the evolving landscape of the media and entertainment industry [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":26484,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-26483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=26483"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26483\/revisions"}],"predecessor-version":[{"id":26485,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26483\/revisions\/26485"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/26484"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=26483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=26483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=26483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}