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French media giant Groupe Canal + has acquired a not insignificant stake in South Africa’s largest broadcasting company, DStv’s parent MultiChoice Group.
MultiChoice, which is listed on JSE, disclosed Canal + ‘s investment in a statement on the stock exchange news service Monday morning. Canal + bought 6.5% of the company’s total common shares in issue, he said. MultiChoice shares rose higher in Monday morning trading on the news and were trading 8.2% higher at R110.84 each at 10.39am.
“As a publicly traded company, MultiChoice engages regularly with its strategic partners and maintains an open dialogue with the investment community. The group’s policy is not to comment on its individual shareholders or their interactions with them, ”he added.
Canal + is owned and controlled by Vivendi and produces movies and television shows. It has an important pay-TV business and a film library of more than 5,000 titles. It is based in Issy-les-Moulineaux, on the outskirts of Paris.
It is not immediately clear why Canal + is acquiring a stake in MultiChoice. TechCentral has contacted Vivendi for comment.
In an email response to a TechCentral inquiry, MultiChoice said: “Groupe Canal + became a shareholder of MultiChoice Group in April of this year. We received a notification that their shareholding has now increased to 6.5%, thus exceeding the 5% threshold that requires us to report to our shareholders through the JSE, as well as the Acquisitions Regulation Panel. ”
He added: “We remain committed to acting in the best interest of all our shareholders and creating long-term sustainable value for them.” – © 2020 NewsCentral Media
Duncan McLeod is editor of TechCentral. This article was first published on TechCentral, here.
