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The French Media group Canal+ has announced a new council to direct the South African broadcaster Multichoice (MCGJ.J), after taking control of the company through the acquisition of 35 billion rand ($ 2.02 billion).
The takeover gives a canal+ dominant foothold in the fast -paid TV market that grows, where multichoice operates in 50 countries. It also marks a big step in the Canal+strategy to become the top five global entertainment players, Maxime Saada CEO said on media calls.
This joint group will serve more than 40 million customers in nearly 70 countries in Africa, Europe and Asia.
Canal+ has 46% of Multichoice on September 19, with 2.2% of other shares being tendered to support it since then, giving companies registered in London Control effectively on TV announcements, the company said on Monday.
Stocks must still be tendered into the offer, which is now unconditional, then it will increase canal+shares.
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Multichoice implemented the reorganization of South African operations this month in accordance with the conditions set by the South African Competition Court in July to approve the takeover.
The Multichoice Group council now includes four new directors, including David Mignot as CEO and Nicolas Dandoy as Chief Financial Officer. You will be a chair, said the company.
The CEO of Multichoice Group that Calvo Mawela has been appointed as Chair of the African Canal+Operations, which includes multichoice. Mignot and Dandoy each will be the CEO and CFO of Canal+ Africa.
CFO Multichoice that came out, Timothy Jacobs, will continue to hold a senior position in the Joint Group’s Finance Department, the company said.
A more detailed update of the joint group strategy will be provided in the first quarter of next year, Sada added. Multichoice partnerships with the As Comcast Media Conglomerate will continue.
By: Babajide Okeowo
