Canal+ Group, the French media giant behind “Paddington,” has completed its long-gestating $2 billion takeover of South African pay TV company Multichoice and announced its new board.
The takeover makes Canal+ the dominant player in Africa’s fast-growing pay TV market, where MultiChoice operates across 50 countries. It also marks a monumental step in Canal+’s strategy.
The acquisition of MCG by Canal+ is the largest transaction ever undertaken by Canal+, bolstering the combined new group’s ambition to be a major global media player.
“Today marks an important step forward for Canal+, as we begin to integrate MultiChoice to create a group with enhanced scale, reach and creativity,” Canal+ CEO Maxime Saada said in a statement.
“Our combined company is unique, a true global media and entertainment powerhouse, serving more than 40 million subscribers across close to 70 countries,” he added. He further noted that “this combination increases our ability to invest in creative and sporting content throughout Europe, Africa and Asia” where “we will be able to leverage the diverse talent which sits throughout the group.”
The combined outfit will serve more than 40 million subscribers across roughly 70 countries in Africa, Europe and Asia, supported by a workforce of approximately 17,000 employees, according to the statement.
MultiChoice’s group board now comprises four new directors, including David Mignot as CEO and Nicolas Dandoy as chief financial officer. Saada will become the chair, the statement said.
Outgoing MultiChoice Group CEO Calvo Mawela has been appointed as the chair of Canal+’s African operations, which include MultiChoice. Mignot and Dandoy have respectively been appointed CEO and CFO of Canal+ Africa.
Outgoing MultiChoice CFO, Timothy Jacobs, will continue to hold a senior position within the combined group’s finance department, according to the statement. A more detailed update on the combined group’s strategy will be provided in the first quarter of next year.
