Vivendi’s Canal+ plans to double its stake in MC Imaginative and prescient to change into the bulk shareholder of the Mauritian-based digital pay-TV firm, because the French agency seeks to spice up its presence on the continent.
Canal+ will enhance its stake to 75% from 37% for an undisclosed quantity, pending regulatory approvals, in keeping with a joint assertion revealed in Le Dimanche/L’Hebdo newspaper.
Currimjee Jeewanjee and Co, a family-owned enterprise that began MC Imaginative and prescient with Canal+ greater than 20 years in the past, will minimize its stake to 25% from 53% and state-owned Mauritius Broadcasting Company will promote its 10% holding.
The brand new construction “will allow MC Imaginative and prescient to proceed to satisfy the expectations of Mauritian households when it comes to audiovisual content material and companies, whereas benefiting from the help of the Canal+ group”, the businesses mentioned.
Canal+ is in search of to increase its presence on the youngest and quickest rising continent to compete with US leisure giants. In April it made an all-cash formal provide for MultiChoice Group, valuing the South African broadcaster’s shares at R55-billion and mentioned the mixed entity shall be listed in Europe and Johannesburg.
Developed
From pioneering digital satellite tv for pc tv within the Indian Ocean island nation in 1999, MC Imaginative and prescient has advanced right into a supplier of premium and unique content material.
Within the 12 months to December 2022, it recorded income of Rs1.25-billion (R490-million) and a Rs1.6-million loss. The shortfall was as a result of low shopper confidence, a considerably weaker rupee, an increase in piracy and the unprecedented value of content material rights, for dwell sports activities particularly, in keeping with Currimjee Jeewanjee’s annual report. — Kamlesh Bhuckory, (c) 2024 Bloomberg LP
