French media giant Canal+ has acquired 100 percent ownership of Multichoice, which owns DStv and GOtv.
The takeover follows approval by the South African Competition Tribunal, a move that will shape the media landscape in Africa.
According to the deal, Canal+ has committed to continuing to support local content and disadvantaged communities, as was the case with Multichoice.
-
Safaricom introduces payPall withdrawal on M-PESA Super App
-
EPRA increases pump prices for Super Petrol, Diesel and Kerosene
Even though it is expected to be sealed by 8th October, the deal is meant to set up a fierce competition posed by global media streaming giants like Netflix.
This is not the first time Canal+ has proposed the takeover of Multichoice, as it has constantly improved its stakeholding in the company. Their initial R105 per share was significantly improved to R125, thus securing a takeover.
Both the Canal+ and Multichoice CEO have praised the deal, terming it a game-changer in digital transmission and that it will not only benefit communities but also sports lovers.
