The climb in MultiChoice shares — up 43% since hitting a post-listing low of R93.33 — belies an increasingly uncertain future for the pay-TV operator in both its home market and elsewhere in Africa.

For a start, MultiChoice is going ahead with 2,194 job cuts. Ostensibly, the retrenchments follow a shift in consumers using its digital self-service channels, as opposed to its call and walk-in centres.

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