Canal+ ups stake in MultiChoice

French broadcasting giant Canal+ Group has increased its stake in African pay TV company MultiChoice to 6.5%.

Shares in the South Africa-based company, which is listed on the Johannesburg Stock Exchange (JSE), spiked upon the news during Monday morning trading and were reportedly up 8.2% at R110.84 apiece at 10.39 today.

MultiChoice said: “Groupe Canal+ became shareholders in MultiChoice Group in April this year. We received notification that their shareholding has now increased to 6.5%, thereby exceeding the 5% threshold that requires us to inform our shareholders through the JSE, as well as the takeover regulation panel.

“We remain committed to acting in the best interests of all our shareholders and to create sustainable long-term value for them. As a publicly held company, MultiChoice regularly engages 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 nor on its interactions with them.”

Canal+ Group is owned and controlled by French conglomerate Vivendi. As well as producing film and TV content, it has a significant pay television business and a film library of more than 5,000 titles. It is headquartered in Issy-les-Moulineaux, outside Paris.

MultiChoice is backed by African internet company Naspers. The pay TV firm already partners with Canal+ on programming initiatives, such as the recently announced 10-episode South African drama series Blood Psalms.

tagged in: Canal+, MultiChoice