Broadcasting
Canal+ Offer for MultiChoice Gains Shareholders’ Support

Some MultiChoice shareholders have expressed relief at the offer by Canal+ to buy Africa’s pay TV giant for $2.9 billion, essentially viewing the potential deal as a vehicle for them to be rescued from an investment that has turned sour.
On April 8,, the deal inched closer to being cemented when the board of MultiChoice agreed to cooperate with Canal+, a sign that it was warming to a tie-up with France’s broadcasting conglomerate.
The board initially rejected the offer by Canal+ to buy the MultiChoice shares that it does not already own for R105 each, saying it was too low and undervalued the company’s growth prospects.
But MultiChoice has been convinced to reconsider its position after Canal+ improved the offer to R125 per share. Canal+ already owns 40.01% of MultiChoice shares on the JSE and wants to pay R35-billion to buy the rest of the company and take control of it.
The next big test is whether MultiChoice shareholders will support or reject Canal+’s offer, which requires support from 90% of shareholders to get the multibillion-rand deal over the line.
Daily Maverick canvassed the views of MultiChoice shareholders and industry players about the merits of the deal and whether they planned to throw their weight behind it when it comes up for a vote in the coming months.
Early indications are that some shareholders view the deal as a blessing and an opportunity to bail out from their investment in MultiChoice.
Before Canal+ made a move on MultiChoice, the latter’s share price had been down by 22% as its operations came under pressure from declining DStv subscriber numbers and intense competition from streaming services such as Netflix, Amazon Prime and Disney+.
Its earnings have also taken a hit of billions of rands because of the depreciation of African currencies against the US dollar, especially the Nigerian naira.
MultiChoice also had a run-in with regulators; in Nigeria, it ran into problems relating to outstanding tax payments. In South Africa, competitors including the SABC and eMedia (the owner of e.tv) have complained to regulators, accusing MultiChoice of anti-competitive behaviour and using its dominant position to restrict access to its broadcasting platforms and dictating restrictive licensing agreements.
The investment community response
Anthony Sedgwick, the cofounder of Abax Investments, was withering in his assessment of MultiChoice’s investment prospects. “Put frankly, we were relieved to see Canal+ finally step up and bail us out of the position,” he said.
According to MultiChoice’s latest annual report, Abax Investments held 0.34% of its shares. But Abax recently sold those shares, taking advantage of MultiChoice’s 25% share price jump since Canal+ initially tabled its buyout offer in February.
“We think Multichoice is a great business that produces an incredible variety of content, creates opportunities for so many talented people, supports a huge variety of good causes and is a real South African business champion.
“But it operates in unfriendly regulatory countries … and faces some headwinds from hard currency priced content and broadcast costs,” Sedgwick said.
Asief Mohamed, the chief investment officer of Aeon Investment Management, shared Sedgwick’s concerns about MultiChoice.
“My guess is that the other shareholders will likely accept the R125 offer. Governance has for a long time been a concern of some shareholders, including ourselves,” Mohamed told Daily Maverick.
MultiChoice’s latest annual report puts Aeon’s shareholding in it at 0.43%.
Merits of the deal
Canal+ has argued that the aim of buying MultiChoice would be to combine both businesses to create an entertainment giant that can survive a market facing intense competition and declining advertising revenue.
A combined Canal+ and MultiChoice will boast media businesses in many African countries, from South Africa and Nigeria to Senegal and Cameroon.
Not all investors are pessimistic about MultiChoice, its business fundamentals and investment prospects. In fact, when MultiChoice ran into tax troubles in Nigeria in July 2021, which precipitated a steep decline in its share price (to a low of R115), Argon Asset Management saw it as a buying opportunity. It bought MultiChoice shares and has since maintained its holding in the company to about 0.41%.
Asked why Argon remained bullish about MultiChoice, the asset management firm’s equity analyst, Richard Court, said: “Simplistically, there are two parts to MCG [MultiChoice Group]. There is the mature South African business, which, for the most part, was highly profitable and cash-generative.
“Then there is the business that MCG is building in the rest of Africa, which was actually a drag on profitability, and it was still quite small in the life of MCG from a bottom-line perspective. Nigeria takes up a lot of the bandwidth.
“We think the market was overly pessimistic on the prospects of the rest-of-Africa segment. We thought the market was overreacting to the possibility of a tax penalty coming out of Nigeria. The share price fell back and we just took the buying opportunity. We thought that MCG share was worth more than the levels at the time.”
Court said MultiChoice had managed to defend its premium TV segment (consumers who subscribe to DSTV premium packages) despite the arrival of international streaming services in South Africa.
“It did quite well in the lower segment and in the lower-cost offerings by growing subscriptions in those markets. Management was doing the right thing strategically and executing quite well on that strategy,” he said.
MultiChoice’s investments into Showmax strengthened its defence position, he said.
Argon’s house view is that Canal+’s R125 offer undervalues MultiChoice and its growth prospects.
“At the moment, we are unlikely to accept at R125. In a few years from now, if they’re able to build Showmax and if Nigeria stabilises, which we can’t say when, then I think the outlook for MCG is going to be a lot rosier than what it is now. I think the market would recognise that and that should reflect in the share price,” Court said. He was unwilling to comment on what he thought would be a fair offer from Canal+.
Canal+ said the media industry in which MultiChoice was operating “is becoming increasingly globalised and competitive, with regional media companies having to compete with the firepower of global media titans, with enormous resources to invest in content, marketing and technology…”
With a customer base of 22 million, MultiChoice’s growth strategy involves investing in local and international content for its streaming service, Showmax, and Canal+ is likely to provide capital to fund the growth.
Peter Takaendesa, the head of equities at Mergence Investment Managers, has argued that only companies with scale and a strong balance sheet are likely to survive changes in the entertainment industry.
“Canal+ and MultiChoice can leverage content and financial strength. However, there is still no guarantee of success, as the fight against global streaming giants is intense.”
Other large MultiChoice shareholders are yet to opine on the deal. They include the Public Investment Corporation (PIC), which holds 13%, M&G Investments (more than 7%) and Allan Gray (6%). Allan Gray declined to comment to Daily Maverick, and M&G and the PIC were not available to do so.
Another MultiChoice shareholder that is not ready to express its view on the Canal+ deal is Sanlam Investments, which has a 1.9% interest in the broadcasting company. Sanlam said it opted not to express its stance or intentions “considering the sensitive nature of ongoing negotiations” pertaining to the deal.
“While we understand the importance of transparency and accountability, we believe it is essential to maintain confidentiality and prudence when dealing with such matters,” Sanlam said.
The MultiChoice-Canal+ deal is likely to take two years to be completed, as it still requires regulatory approval.
Credit: Daily Maverick
Broadcasting
The Silent Killer of Great Companies: A Guide To Why Your Processes Will Break (and How to Fix Them)

By Tolulope Obianwu
Every high-growth company experiences a moment when its engine sputters—quietly at first. Emails slip through cracks, customers wait too long, and once-smooth systems start breaking under pressure. This rarely looks like failure; it feels like chaos.

Tolu Obianwu
The truth? Your team didn’t fail. Your process did.
More accurately, the process you never designed to scale.
I’ve led operations and strategy at some of Africa’s fastest-growing fintech companies, building teams and systems that power complex payment infrastructure. And I’ve seen it repeatedly: velocity hides inefficiency—until it doesn’t.
This isn’t just a fintech problem. It’s a scaling problem. And if you’re a founder, operator, or builder, this article is your early warning: poor process doesn’t announce itself. It accumulates, silently, until your best people are fighting fires they didn’t start.
So, before things break, let’s talk about what makes processes fail, and what it takes to build operational structures that scale with your ambition.
DO NOT Confuse Speed with System: Startups are built on hustle. That’s part of the magic. But hustle without design leads to fragile outcomes. What works when you’re a 5-person team becomes a burden when you’re 50. Manually sorting payments, ad-hoc decisions, Slack approvals; these shortcuts become operational debt.
DO THIS INSTEAD:
Build systems early. They don’t have to be perfect, but they must be repeatable. Even lightweight process maps give your team breathing room and build investor confidence.
DO NOT Build Around Individuals: We romanticise “indispensable” team members; the only person who knows how X works. But hero-driven execution is unsustainable. When your process depends on one person being online, awake, or available, you’re not building a company. You’re gambling on burnout.
DO THIS INSTEAD:
Document workflows, spread context, and make knowledge transfer part of your onboarding and offboarding. Structure should outlive talent.
DO NOT Mistake Micromanagement for Control: I’ve seen it too often: leaders respond by inserting themselves into every decision when processes start breaking down. It’s understandable, but counterproductive. Micromanagement is not a fix. It’s a symptom.
DO THIS INSTEAD:
Create trust frameworks. Use process audits, not pressure. Empower teams with clear guardrails, not constant approvals. The goal of an exemplary process isn’t control – it’s clarity.
DO NOT Design for the Happy Path Only: Most processes look beautiful on paper until real users, real edge cases, and real stress tests come in. If your refund process fails when the volume spikes or your reconciliation breaks on public holidays, that’s not a people problem. It’s a design flaw.
DO THIS INSTEAD:
Anticipate failure. Ask “What could go wrong?” Run simulations. Processes must bend without breaking. That’s true resilience.
DO NOT ignore the Role of Culture: Even the best-designed processes die in hostile environments. If your culture rewards shortcuts, ignores documentation, or treats processes as bureaucracy, nothing will stick.
DO THIS INSTEAD:
Make ‘process’ a language, not a punishment. Celebrate people who fix broken steps. Tie operational excellence to career growth. Culture is what makes a process sustainable.
DO NOT Launch Processes Without Data Loops: If you’re not tracking turnaround times, errors, or usage, you’re not managing a process; you’re just hoping it works.
DO THIS INSTEAD:
Instrument every stage. Set KPIs that matter. Let data flag inefficiencies before customers feel them. A great process isn’t just followed – it’s monitored.
Final Thoughts
The truth is: every fast-growing company outgrows its old ways of doing things. There comes a time when velocity alone can’t carry the vision anymore. That’s inevitable. What isn’t inevitable is being caught off guard when it happens.
If you’re building for scale, process isn’t a bottleneck; it’s your runway. The best systems don’t slow people down; they let good teams move faster, with clarity and confidence.
Don’t wait for failure to expose what structure could have prevented it. Build deliberately. Review often. Automate what you can. And above all, make sure your process is strong enough to carry the weight of your ambition.
Because in the long run, it’s not speed that wins.
It’s the ability to move fast, without breaking yourself.
Tolulope Obianwu is a highly experienced professional in operations and technology strategy and currently is Head, Core Operations at TeamApt Ltd
Broadcasting
The Rave Revolution: How Gen Z and EDM Are Rewriting Nigeria’s Nightlife

In the heart of Nigeria’s ever-pulsing music scene, a quiet rebellion is unfolding. While Afrobeats remains the dominant sound echoing from car radios to club speakers, a parallel movement is rising; electronic dance music, championed by a new generation of Nigerian DJs, collectives and ravers. This isn’t just a shift in sound; it’s a cultural rewire.
EDM in Nigeria is more than beat drops and strobe lights. It’s a form of resistance; a way to build inclusive, community-first spaces in a nightlife landscape often defined by social hierarchy. Through underground raves and carefully curated experiences, Gen Z is rejecting the velvet-rope exclusivity of traditional clubs and creating something that feels real, raw and theirs.
And it’s working. According to Spotify data, EDM streams in Nigeria have grown by an astonishing 403% over the past three years, with user-generated EDM playlists rising by 353%. Over a million playlists now feature electronic tracks curated by Nigerian listeners alone. The genre is resonating and fast.
Afrobeats Meets EDM: A Sonic Cross-Pollination
But this isn’t a genre turf war. In fact, the data suggests a symbiotic relationship: Afrobeats remains the most streamed genre among EDM listeners in Nigeria outside of electronic music itself. That connection shows up on the dancefloor, where genre-fluid sets seamlessly blend Afro rhythms with electronic sound..
Take Particula, the genre-bending hit by Major Lazer featuring Patoranking, Ice Prince, Nasty C, Jidenna, and DJ Maphorisa. It’s one of the top five most-streamed EDM tracks in Nigeria. At number one? Marshmello and Khalid’s Silence, followed by Project Dreams with Marshmello and Roddy Ricch. These tracks reflect the hybrid sound Gen Z is embracing: emotionally resonant, rhythmically bold, and globally aware.
Building a Tribe, Beat by Beat
Collectives like Group Therapy, Element House, Sweat It Out, and Activity Fest are not just hosting events, they’re creating cultural hubs. These spaces, driven by intention and sound, have become sanctuaries for young Nigerians looking for connection over clout. The ethos is clear: come as you are, dance as you feel.
The increasing prominence of EDM in Nigeria was demonstrated when Spotify recently partnered with Group Therapy for their May Edition on Friday, the 23rd. The event, packed to the brim, showcased the community’s surging energy and deep love for electronic music. With performances by Dlala Thukzin, Frigid Armadillo, Aniko, Abiodun, Billy’s Room, and Jarlight, it was clear from the moment the first beat dropped that this was a thriving movement rooted in rhythm, intention, and real human connection.
Spotify data backs this shift. Listeners aged 18–24 account for nearly half (48%) of EDM streams in Nigeria, with men making up 76% of listeners. Lagos leads the movement, followed by Abuja and Port Harcourt. EDM is now among the top 40 most streamed genres by Gen Z Nigerians.
Friday Nights, Reimagined
EDM’s rise syncs perfectly with how Gen Z engages with nightlife. Fridays are peak streaming days, aligning with some rave schedules where events crescendo around midnight and spill deep into the night. These aren’t just parties, they are rituals, freeing attendees from the performative pressures of conventional nightlife.
“This is a scene that trades bottle service for belonging,” says Phiona Okumu, Spotify’s Head of Music, Sub-Saharan Africa. “One that prioritises joy over status. For many young Nigerians, EDM offers the rare chance to be fully present, immersed in sound, unbothered by social posturing.”
She adds: “EDM’s explosion in Nigeria is no accident. It’s the result of a generation hungry for new rhythms—of life, identity, and expression. DJs are the architects, Spotify is the amplifier, and Gen Z is the beating heart. Together, they’re reshaping not just how Nigerians party, but what nightlife can mean.”
So here’s your cue: the lights are low, the beat is rising and the revolution is already on the dancefloor.
Broadcasting
5 Must-Have Fresh Foods to Supercharge Your Child’s Nutrition

By Diana Tenebe, Chief Operating Officer, Foodstuff Store
Proper nutrition is fundamental for the well-being and development of our young ones. It provides the essential building blocks they need to grow, thrive, and reach their full potential. Unfortunately, many Nigerian children face significant nutritional challenges.
In 2024, UNICEF reported that approximately 11 million Nigerian children under five are experiencing severe child food poverty. This alarming figure means that one in every three Nigerian children under five falls into this category. This substantial burden is attributed to a combination of factors, including conflict, climate change, and inequity.
There’s also a tendency for parents to prioritise a limited number of food items in diets for their children, often due to economic factors, historical influences, and cultural preferences. This can lead to less diverse diets and potential nutritional deficiencies. Surprisingly, the food items that can help supercharge a child’s nutrition are not always the ones you would initially consider.
Here are five readily available fresh foods in Nigeria that are perfect for boosting your child’s health:
Oranges (and other Citrus Fruits): Bright, juicy, and sweet, oranges are a favorite among children, and for good reason! They are packed with Vitamin C, an essential nutrient that boosts the immune system, helps the body absorb iron, and is crucial for healthy skin and gums. Beyond oranges, consider other local citrus fruits like tangerines and grapefruits, which offer similar benefits. A glass of freshly squeezed orange juice or a few segments as a snack are fantastic ways to incorporate this vital vitamin into their day.
Spinach (Efo Tete) and other Leafy Greens: Often referred to as ‘power foods,’ leafy green vegetables like spinach (efo tete), fluted pumpkin leaves (ugu), and African basil (efirin) are nutritional goldmines. They are rich in vitamins A, C, and K, as well as folate and iron. These nutrients are vital for healthy vision, strong bones, proper blood clotting, and preventing anaemia – a common concern among children. Parents can incorporate them into soups, stews, or even a delicious vegetable smoothie to make them more appealing to their children.
Sweet Potatoes: A versatile and naturally sweet root vegetable, sweet potatoes are a fantastic source of complex carbohydrates for sustained energy, dietary fiber for digestive health, and beta-carotene (which converts to Vitamin A in the body). Unlike white potatoes, their higher nutritional profile makes them an excellent choice for growing children. They can be boiled, roasted, mashed, or even made into healthy fries as a wholesome alternative to processed snacks.
African Pear (Ube): This seasonal favorite is more than just a tasty snack; it’s a nutritional powerhouse! African pear (ube) is rich in healthy fats, which are essential for brain development and energy. It also contains good amounts of fiber, potassium, and calcium. Often boiled or roasted with corn, ube is a convenient and nutritious whole food that children would enjoy, providing healthy fats without the need for processed alternatives.
Garden Eggs (A Nwa Anyara): Widely consumed across Nigeria, garden eggs are a humble yet highly nutritious vegetable. They are an excellent source of dietary fiber, which aids digestion and promotes a feeling of fullness, helping to manage healthy weight. They also contain vitamins B1 and B6, potassium, and magnesium. Whether eaten raw with groundnut paste, added to stews, or incorporated into a child-friendly sauce, garden eggs are a great way to boost nutrient intake.
These fresh, local foods, when regularly included in a child’s diet, are key to providing the energy, boosting their immune system, and supplying the crucial nutrients required for them to flourish into healthy, vibrant individuals ready for the future.
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