Canal+ Unveils Ambitious Plans for MultiChoice After $2 Billion Acquisition
Canal+, the new owner of MultiChoice Group, has revealed its strategic vision for the pay-TV giant, aiming to reach half of all households in South Africa and other African countries where it operates. This follows the completion of its $2 billion acquisition of the South African media company.
New Leadership Team and Strategic Direction
Following the acquisition, Canal+ CEO Maxime Saada introduced the new leadership team based in Johannesburg. The deal, described as the "largest transaction we have undertaken," aims to create a "global media and entertainment powerhouse" with over 40 million subscribers across nearly 70 countries. The acquisition is expected to fully close on October 7th.
Key leadership changes include David Mignot, previously CEO Africa, Canal+ International, stepping into the role of CEO of MultiChoice and Canal+ Africa. Nicolas Dandoy will serve as CFO of MultiChoice and Canal+ Africa. Departing from their roles are MultiChoice CEO Calvo Mawela and CFO Timothy Jacobs, though Mawela will remain as Chair of Canal+ Africa, and Jacobs will assume a senior finance position.
"Its composition aims to secure stability, fresh skills and international expertise," said Saada regarding the new board.
Investment in Local African Content
Canal+ is committed to “double down” on local African content, allocating significant budgets to productions like Shaka iLembe and Spinners. Season 3 of Shaka iLembe is already in production and has proven to be a major success. The company believes that investing in high-quality African storytelling is crucial for both local and international appeal.
Mignot pledged to spend “more in absolute terms” on local content, though the precise figure was not immediately available. Mawela emphasized the unique selling point of the new group: "stories in Africa that have not been told and we want to travel." He highlighted the commitment to local content investment, stating that Saada understands its importance and will support it from day one.
Concerns and Future Plans
Addressing concerns raised by the International Press Institute regarding potential editorial interference, Saada clarified that Canal+ will not launch local news networks in Africa, focusing instead on entertainment and sports. He reassured stakeholders that the company is committed to not being involved in decisions related to news channels.
The future of Showmax, the MultiChoice streamer with a 30% stake sold to Comcast’s NBCUniversal, will be decided in the coming weeks or months. Canal+ also plans to list on the South African stock exchange as soon as possible after October 7th, aiming for listings in both South Africa and London.
Competition and Regulatory Approval
The acquisition was approved by the South African Competition Tribunal, subject to conditions including maintaining local funding for South African entertainment and sports content, and providing opportunities for local creators. Saada emphasized the complementary nature of the deal, highlighting that Canal+ and MultiChoice operate in different African countries with minimal overlap.
