The battle for eyeballs pits a David against a Goliath, with eMedia — a diversified free-to-air television broadcasting group — being dwarfed by the giant subscription video entertainment business MultiChoice (which also features in more detail in this month’s company review segment).

MultiChoice, which played a key role in building Naspers into the technology giant we know today, holds a market value of more than R40bn. eMedia, which was started from scratch in the late 1990s by investment company Hosken Consolidated Investments (HCI), has a market value of just R1.65bn...

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