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Since its listing on the JSE on February 27, 2019, MultiChoice’s stock has lost 3.3% of its value, relatively better than many other SA Inc. shares Photo: provided by MultiChoice
French media company Groupe Canal + SA has bought a 6.5% stake in MultiChoice, a deal that made the foreign media giant the second largest shareholder after the Public Investment Corporation (PIC).
In a statement published on Stock Exchange News Service (Sens) on Monday, Multichoice Group said it filed the required notice with the Acquisition Regulation Panel.
Multichoice, owner of South Africa’s largest satellite TV provider DStv, spun off from SA’s media giant Naspers in early 2019 and was listed as a separate entity in February last year. Since listing, the company’s share price has lost just 3.3%, while many other South African companies saw their market values erased by double digits since early 2019.
After Monday’s announcement, Multichoice’s share price rose more than 9% at one point and traded 8% higher than Friday’s closing price for most of the morning.
Canal + SA is owned by French media conglomerate Vivendi, which also owns music labels, publishers, online games, and marketing brands. Canal + specializes in film and television studios.
* Fin24 is part of Media24, owned by Naspers.
