EDITORIAL: Canal+ taking a bite out of MultiChoice makes for some good viewing
The Canal+ stake, worth more than R3.2bn, demonstrates its confidence in the prospects of both MultiChoice and Africa
07 October 2020 - 05:10
When Naspers spun out MultiChoice in 2019 as part of measures by CEO Bob van Dijk to release value trapped in the valuation gap between the e-commerce giant’s market cap and the sum of its parts, some analysts were prepared to say good riddance to an asset with a business model in irreversible structural decline.
Canal+, the pay-TV subsidiary of one of the world’s biggest media conglomerates, Vivendi, does not seem to buy in to that assessment. On Monday, MultiChoice, Africa’s biggest satellite pay-TV operator, disclosed, as required under JSE rules, that Canal+ has built up a 6.5% stake in it. ..
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