South Africa Competition Tribunal don approve the $2 billion takeover wey Canal+ wan do to buy MultiChoice, the company wey run DStv and GOtv.
The two companies announce on Wednesday say dem don agree on the merger, but with some important conditions to protect local interest.
This move fit change TV matter across Africa, as the two big companies go join hand to face foreign streaming giants like Netflix and them crew.
“The two companies go now get bigger reach, more power for growing markets, and better results from working together,” na wetin Canal+ CEO, Maxime Saada talk.
Why the Deal Matter
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Canal+ dey expand enter more African countries, especially where dem dey speak English.
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MultiChoice go use the fresh capital from the deal to support local content and improve innovation.
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The joint company go get more strength to compete global.
Last year, Canal+ offer $6.75 per share to buy all the MultiChoice shares wey dem never get. That one push MultiChoice total value to around $3.1 billion, but this current deal na $2 billion cash.
The South African Competition Commission say the merger no go harm competition, but dem still give conditions to protect public interest:
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Canal+ and MultiChoice must invest about $1.48 billion (that’s $1.48B) in South Africa audio-visual industry over the next 3 years.
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Dem must support black-owned and small media businesses.
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Canal+ must continue to support local movies, shows, and sports.
Because South African law no allow foreign company to own more than 20% of a broadcaster, MultiChoice go move its local broadcasting license to a new independent company wey black South Africans go control.
This move na big win for Canal+, wey break away from French media giant Vivendi in 2024. Na part of dem big plan to dominate African TV market.
