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MultiChoice and Canal+ Buyout Deal Forges Ahead

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MultiChoice and French media giant Groupe Canal+ have released a joint circular detailing plans and dates for the proposed buyout of the DStv operator at R125 per share.

The circular covers what happens to shareholders who choose not to sell, reiterates Canal+’s plan to list on the JSE, and provides some idea of how the companies might handle foreign ownership restrictions on broadcasters.

Canal+ has steadily bought up MultiChoice stock on the open market since October 2020 and hit a 35% threshold at the beginning of the year, triggering a mandatory buyout offer.

After some wrangling from MultiChoice and a reprimand from the Takeover Regulation Panel, Canal+ offered R125 per share, valuing the company at over R55 billion.

The buyout will cost Canal+ over R30 billion in cash, and the company has continued buying MultiChoice shares while its offer is being considered.

The Takeover Regulation Panel last reported in May that Canal+’s shareholding stood at 45.2%.

Tuesday’s circular shows Canal+ has not bought any additional shares since 10 May 2024. Its average buy price for the past six months has been just over R100 per share.

The circular states that the deal is still subject to several regulatory approvals, including from the Financial Surveillance department, the Competition Tribunal, the JSE, the Takeover Regulation Panel, and other government authorities.

One of the other government authorities is the Independent Communications Authority of South Africa (Icasa), the custodian of the Electronic Communications Act (ECA).

Under the ECA, a foreigner may not, whether directly or indirectly:

  • Exercise control over a commercial broadcasting licensee; or
  • Have a financial interest or an interest either in voting shares or paid-up capital in a commercial broadcasting licensee exceeding 20%

Exercise control over a commercial broadcasting licensee; or
Have a financial interest or an interest either in voting shares or paid-up capital in a commercial broadcasting licensee exceeding 20%.
Canal+ and MultiChoice have stated that they are exploring several options to comply with these requirements following the buyout.

These include a corporate reorganisation, participation by one or more local BBBEE partners, and mechanisms to limit the voting rights of foreigners.

The latter includes a potential limit on MultiChoice’s voting rights over the licensed entities in the MultiChoice Group.

In March, Bloomberg reported that billionaire Patrice Motsepe was in talks with Canal+ to join its bid for MultiChoice.

Regarding shareholders who do not accept the offer, the companies said they will remain invested provided Canal+’s shareholding remains below 90%.

Canal+ reserves the right to invoke Companies Act provisions allowing it to buy out the last remaining shareholders and delist the company should its ownership exceed 90%.

They also committed to engage with the JSE in the event that MultiChoice’s free float dips below the stock exchange’s liquidity requirements.

“MultiChoice shareholders are reminded that Vivendi SE, the parent company of Canal+, is currently undertaking a feasibility study for the proposed split of the company into several separately listed entities,” the circular stated.

“Canal+ intends that, should its planned European listing proceed, there will be an opportunity for South African investors to become shareholders of the combined entity as part of a secondary inward listing on the JSE.”

The companies explained that if Canal+’s listing occurs before its offer becomes unconditional, it will consider revising it to give MultiChoice shareholders an opportunity to have exposure to the combined group.

MultiChoice and Canal+ said the offer opens at 09:00 on 5 June 2024.

They aim for it to become wholly unconditional by no later than Tuesday, 8 April 2025.

The last day to trade to participate in the offer is 22 April 2025, and it closes at noon on Friday, 25 April 2025.


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Broadcasting

Nigeria Finally Moves Closer to Digital TV as 100 Channels Go Free-to-Air

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More than 100 channels have signed on to broadcast free-to-air digital content under Nigeria’s Digital Switchover (DSO) programme, marking a major milestone in the country’s transition to digital broadcasting.

Nigeria Finally Moves Closer to Digital TV as 100 Channels Go Free-to-Air

The National Broadcasting Commission (NBC) disclosed this in a statement on Wednesday, saying the development followed the unveiling of FreeTV, a free-to-air direct-to-home (DTH) national platform supported by satellite and Internet Protocol (IP) delivery.

According to the commission, the platform offers a broad mix of content targeted at Nigerian households.

It said the channel line-up includes 14 news and current affairs stations, 15 general entertainment channels, six kids and family channels, two lifestyle and talk shows, three music and entertainment channels, one business and finance station, and five movie channels.

The commission added that 57 of the channels are already live and accessible through the FreeTV app and the NigSat satellite platform.

It advised viewers to download the FreeTV application from Google Play Store to access the services.

Director-General of NBC, Charles Ebuebu, said the initiative would improve television access and viewing quality for Nigerians.

“We will deliver digital TV with clearer pictures, more free channels, and opportunities for every family.

“It is one simple change for a better future,” he said.

Ebuebu noted that with over 100 stations onboard and a satellite-led strategy, Nigeria’s digital migration was making significant progress.

The DSO project was launched in 2008 following the Geneva 2006 Agreement (GE06) as part of efforts to modernise the nation’s broadcasting ecosystem.

Its objectives include improving picture and sound quality, freeing up spectrum space for broadband development, and supporting Nigeria’s creative industry.

The commission acknowledged that the project had faced delays despite its official launch in 2016 and an earlier pilot phase in Jos.

It said nationwide implementation had remained slow due to infrastructural and logistical challenges.

According to NBC, a major turnaround came after President Bola Tinubu approved a N10 billion intervention fund in August 2024 to accelerate the project.

The commission said the funding enabled the adoption of a new satellite-first model under a partnership between NBC and the Nigerian Communications Satellite Limited (NIGCOMSAT).

The strategy replaces the earlier terrestrial tower-heavy rollout with direct satellite broadcasting using the NigComSat-1R satellite.

“This technological leap is expected to accelerate nationwide rollout by over 65 per cent while avoiding infrastructure bottlenecks,” Ebuebu said.

He added that about 10 million Nigerian households already own satellite-ready televisions or DVB-S2 set-top boxes and can immediately access the channels.

For households without compatible devices, NBC said hybrid set-top boxes combining satellite reception and internet streaming would be introduced.

The commission added that the DSO initiative would also support local content creation, with 40 per cent of channel slots allocated to independent and regional producers.

It said plans were also underway for local production of five million set-top boxes annually, a move expected to generate more than 20,000 jobs.


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SERAP, NGE Sue NBC over Threat to Sanction Broadcasters

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Socio-Economic Rights and Accountability Project (SERAP) and the Nigerian Guild of Editors (NGE) have jointly sued the National Broadcasting Commission (NBC) over what they described as an “arbitrary, unconstitutional, and unlawful” threat to sanction broadcast stations and presenters.

SERAP, NGE Sue NBC over Threat to Sanction Broadcasters

The development was disclosed in a Sunday statement signed by Kolawole Oluwadare, deputy director, and Onuoha Ukeh, general secretary of the Nigerian Guild of Editors.

According to the statement, SERAP and NGE challenged a recent directive by NBC, warning presenters and journalists against “expressing personal opinions as facts,” “bullying or intimidating guests,” and failing to maintain neutrality.

The statement reads, “SERAP and the Nigerian Guild of Editors (NGE) have filed a lawsuit against the National Broadcasting Commission (NBC) over the arbitrary, unconstitutional, and unlawful ‘Formal Notice’, which threatens to sanction broadcast stations and presenters for allegedly ‘expressing personal opinions as facts, bullying or intimidating guests, or failing to maintain neutrality.’

“The NBC had recently threatened to sanction broadcast stations and presenters who ‘express personal opinions as facts’ or ‘bully and intimidate guests,’ claiming it had ‘identified a sustained increase in breaches of the 6th Edition of the Nigeria Broadcasting Code across news, current affairs, and political programmes.’”

In the suit marked FHC/L/CS/854/2026 filed last Friday at the Federal High Court in Lagos State, SERAP and NGE asked the court to determine whether the various provisions of the Nigeria Broadcasting Code relied upon by the NBC in the directive are inconsistent with the Nigerian Constitution 1999 (as amended) and the country’s international human rights obligations.

According to the statement, the groups disclosed that Femi Falana (SAN), human rights lawyer, would lead a team of senior lawyers to represent SERAP and NGE in the lawsuit.

SERAP and NGE asked the court to declare that the provisions of the 6th Edition of the Broadcasting Code used by the NBC are vague and constitute a fundamental breach of press freedom guaranteed by the Nigerian Constitution and international human rights standards.

The statement added, “SERAP and NGE are asking the court for a declaration that the provisions of the 6th Edition of the Broadcasting Code used by the NBC are vague and overly broad and constitute a fundamental breach of freedom of expression and media freedom guaranteed by the Nigerian Constitution and international human rights standards.”

The groups also sought an interim injunction to restrain the NBC, its agents and other authorities from imposing sanctions on broadcast stations and presenters based on what they described as “unlawful provisions of the 6th Edition of the Broadcasting Code”, pending the hearing and determination of the motion.

“SERAP and NGE are also seeking an order of interim injunction restraining the NBC, its agents or privies, whether jointly or severally or any other authority, from imposing sanctions on broadcast stations and presenters based on the patently unlawful provisions of the 6th Edition of the Broadcasting Code, pending the hearing and determination of the motion on notice filed simultaneously in this suit,” the statement concluded.

 


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Glo-sponsored African Voices Spotlights Ejatu Shaw

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Globacom continues to celebrate African creativity as its sponsored programme African Voices on CNN International features London based photographer and multidisciplinary artist Ejatu Shaw this week. The episode highlights her journey, her art, and the stories behind her work.

Ejatu Shaw’s journey into photography began in 2013 during a family trip to Sierra Leone, a moment that sparked a passion which has since shaped her creative path. Born in 1996, the British Sierra Leonean artist later went on to earn a master’s degree in photography arts from the University of Westminster in 2020.

Her work explores identity in a personal and expressive way, drawing from her Islamic faith and African heritage. She is inspired by classic African studio photographers such as Malick Sidibé, Sory Sanlé, and Omar Yahia Barram. Through self-portraits and visual storytelling, she brings her memories and experiences to life.

Shaw’s talent continues to gain global recognition. In 2025, the British Fashion Council named her a New Wave Creative.

She has also photographed top names including Angela Bassett, Cynthia Erivo, and Usain Bolt, and worked on projects for major platforms like EBONY, The Guardian, The Sunday Times, and Vogue. She also designed the album cover for Craig David.

The programme will air on Saturday at 7:30 a.m. and 11:00 a.m. On Sunday, it will show at 3:30 a.m. and 6:00 p.m., with repeats on Monday at 3:00 a.m. and 5:45 p.m.


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