According to industry reports, South African billionaire Patrice Motsepe is in talks with Vivendi SE’s Canal+ to join its multibillion-dollar bid for broadcaster MultiChoice Group.
BMA understands that bringing South Africa’s richest man into the deal would likely help the French media conglomerate meet the country’s stringent Black ownership requirements, said the people, who asked not to be identified as the information is still private.
Representatives for Canal+ and Motsepe’s investment company, African Rainbow Capital, declined to comment. Sources said discussions are at an early stage, and there is no guarantee that an agreement will be reached.
Canal+ has built up a holding above 35% in MultiChoice, South Africa’s biggest pay-TV group, triggering a mandatory takeover offer.
If the French broadcaster can navigate the country’s limits on foreign media ownership, it will gain greater access to African markets, home to the world’s fastest-growing and youngest population.
Canal+ is expected to make a formal offer for MultiChoice, valuing the company at about US$2.9 billion, before April 8 for consideration by the board’s independent members.
Formed in South Africa in 1985, MultiChoice expanded across Africa in the early 1990s with packages including live English football matches and local shows.
The company was spun off from Naspers Ltd. in 2019. It also owns Showmax, the popular video-streaming service and Netflix Inc. rival.
Vivendi aims to combine its local Canal+ operations with MultiChoice, creating a group with almost 50 million subscribers and resources to invest more in local content and sports.