Latest news with #Canal+
The Citizen
26-05-2025
- Business
- The Citizen
MultiChoice acquisition by French company: Go-ahead suggested but with 3-year halt on job cuts
MultiChoice acquisition by French company: Go-ahead suggested but with 3-year halt on job cuts The Competition Commission has recommended that the Competition Tribunal approve the proposed acquisition of MultiChoice by Groupe Canal+ SAS, subject to certain conditions such as halting any possible job losses because of the merger by three years. This recommendation comes after the commission's investigation into the large merger notification submitted last year on September 30. The investigation was launched to determine whether the merge will lessen or prevent competition in the concerned market. The commission, an agency of the of the Department of Trade, Industry and Competition, is one of three independent statutory bodies established in terms of the Competition Act to regulate competition between firms in the market. The proposed merger explained Canal+, along with its ultimate controllers and the companies they control (the acquiring group) is a French media and entertainment company involved in the production, commissioning, and supply of audiovisual content, the provision of advertising services, development of video games and publication of books. LicenceCo is a proposed company within the merged group, containing local license rights and subscribers, which will broadcast content through DStv. Meanwhile, the Target Group provides audiovisual content via its streaming service, Showmax. 'The commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market. Conditions recommended for merger 'However, in recognition of the important role played by the Target Group within the broader audiovisual ecosystem in South Africa, and to address public interest concerns raised by various stakeholders, the commission has recommended approval of the merger subject to a number of conditions,' the commission said. The conditions include, but are not limited to: addressing employment concerns, increasing the shareholding of historically disadvantaged persons (HDP) and workers in Orbicom and LicenceCo committing to supplier development, ensuring the merged entity continues to operate from South Africa, promoting a diversity of television news, and encouraging export activities. According to the commission, the parties involved in the merger have agreed to a three-year moratorium on layoffs following the merger implementation date. Involved parties commits to keeping MultiChoice in SA 'The merger parties have also committed that the majority of LicenceCo's shareholders will be HDPs and workers. Moreover, the parties have agreed to continue certain corporate social responsibility initiatives such as skills development in the audiovisual industry and sports development.' Canal+ has committed to ensuring that MultiChoice remains incorporated and headquartered in South Africa, promotes exports, and seeks a secondary inward listing on the Johannesburg Stock Exchange. The merged entity has also made supplier development commitments that include expenditure on local audiovisual content, the promotion of South African audiovisual content in new markets, and procurement from HDPs and small, medium and micro enterprises. 'Finally, the parties have agreed that LicenceCo will continue to procure local news content for DStv and will ensure the diversity of the news content it broadcasts.' Multi-billion rand value projected The total value of all the public interest commitments advanced by the merger parties based on past spend by MultiChoice is projected at a total amount of about R26b over the next three years. 'In large mergers, the commission is required to assess and to ultimately make a recommendation to the tribunal. The commission is satisfied that the conditions attached to this merger sufficiently address the concerns raised during the investigation. 'The matter is now before the tribunal for a final determination,' Deputy Commissioner Hardin Ratshisusu explained. – At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
New Straits Times
24-05-2025
- Sport
- New Straits Times
Quartararo takes third successive MotoGP pole
SILVERSTONE: French rider Fabio Quartararo took his third successive pole after posting the fastest time in qualifying on his Yamaha for the British MotoGP on Saturday. The 26-year-old 2021 world champion, who also set a new fastest lap for the Silverstone circuit, will start from the front row of the grid for both the sprint race later on Saturday and Sunday's Grand Prix. "I am very happy," Quartararo told Canal+. "We are still way off Ducati (in terms of performance), but little by little we are closing the gap. "To perform well on one lap is one thing, to be consistent over 10 or 20, is another matter." "If I could finish on the podium in the sprint I would take that!" added Quartararo, who will hope on Sunday it is third time lucky in terms of converting pole into a race victory. Spain's Alex Marquez (Ducati-Gresini) and two-time world champion Francesco Bagnaia (Ducati) of Italy will be alongside him. Marquez's older brother and championship leader Marc Marquez will be on the second row, having finished fourth fastest on his Ducati. Marc Marquez, who has won three of the six races so far this season, has a 22-point lead over Alex Marquez, with Bagnaia 51 points off the pace. - AFP
France 24
24-05-2025
- Sport
- France 24
Quartararo takes third successive MotoGP pole
The 26-year-old 2021 world champion, who also set a new fastest lap for the Silverstone circuit, will start from the front row of the grid for both the sprint race later on Saturday and Sunday's Grand Prix. "I am very happy," Quartararo told Canal+. "We are still way off Ducati (in terms of performance), but little by little we are closing the gap. "To perform well on one lap is one thing, to be consistent over 10 or 20, is another matter." "If I could finish on the podium in the sprint I would take that!" added Quartararo, who will hope on Sunday it is third time lucky in terms of converting pole into a race victory. Spain's Alex Marquez (Ducati-Gresini) and two-time world champion Francesco Bagnaia (Ducati) of Italy will be alongside him. Marquez's older brother and championship leader Marc Marquez will be on the second row, having finished fourth fastest on his Ducati. Marc Marquez, who has won three of the six races so far this season, has a 22-point lead over Alex Marquez, with Bagnaia 51 points off the pace.
Eyewitness News
21-05-2025
- Business
- Eyewitness News
Canal+ buyout of SA's MultiChoice one step closer
JOHANNESBURG - South Africa's competition authority announced Wednesday it had approved the buyout of Africa's largest pay TV enterprise MultiChoice by France's Canal+, which wants to expand its footprint on the continent. The merger, which has been in the works for nearly a year, needs the final go-ahead from the commission's Competition Tribunal, it said in a statement. Canal+ holds around 45% of MultiChoice's shares and offered last year to acquire the remainder for R125 (6.16 euro) per share. Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers, according to the French group. MultiChoice operates in 50 countries across sub-Saharan Africa and has 19.3 million subscribers, it says. It includes Africa's premier sports broadcaster, SuperSport, and the DStv satellite television service. "This is a major step forward in our ambition to create a global media and entertainment company with Africa at its heart," Canal+ CEO Maxime Saada said in a statement. The commission said its approval of the merger was subject to public-interest conditions worth about 26 billion rand over three years, including increasing the shareholding of people disadvantaged under South Africa's white-minority apartheid regime. It will also maintain the MultiChoice headquarters in South Africa. A date for the Tribunal's decision on the merger has not been announced but Canal+ said it was aiming for the deal to be completed by early October.
eNCA
21-05-2025
- Business
- eNCA
Canal+ buyout of S.Africa's MultiChoice one step closer
South Africa's competition authority announced Wednesday it had approved the buyout of Africa's largest pay TV enterprise, MultiChoice by France's Canal+, which wants to expand its footprint on the continent. The merger, which has been in the works for nearly a year, needs the final go-ahead from the commission's Competition Tribunal, it said in a statement. Canal+ holds around 45 percent of MultiChoice's shares and offered last year to acquire the remainder for R125 (6.16 euro) per share. Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers, according to the French group. MultiChoice operates in 50 countries across sub-Saharan Africa and has 19.3 million subscribers, it says. It includes Africa's premier sports broadcaster, SuperSport, and the DStv satellite television service. "This is a major step forward in our ambition to create a global media and entertainment company with Africa at its heart," Canal+ CEO Maxime Saada said in a statement. The commission said its approval of the merger was subject to public-interest conditions worth about R26 billion over three years, including increasing the shareholding of people disadvantaged under South Africa's white-minority apartheid regime. It will also maintain the MultiChoice headquarters in South Africa. A date for the Tribunal's decision on the merger has not been announced but Canal+ said it was aiming for the deal to be completed by early October.
