Canal+ is on the verge of significantly increasing its ownership in the Mauritian digital pay-TV provider MC Vision, with plans to boost its share from the current 37% to a commanding 75%, subject to the green light from regulatory bodies. This strategic move would elevate Canal+ to the status of majority shareholder.
The reshuffling of stakes will see Currimjee Jeewanjee and Co., a founding partner of MC Vision, scale down its involvement from 57% to a minority 25%. Additionally, the Mauritius Broadcasting Corporation, a state-owned entity, is set to offload its entire 10% stake in the venture.
By acquiring the majority stake, Canal+ aims to augment the quality and variety of audiovisual content and services it provides to households in Mauritius, leveraging the robust backing of its parent group. This initiative is part of the French media giant’s broader ambition to consolidate its foothold in the fiercely competitive African entertainment landscape. However, the financial details of the stake acquisition have not been made public.
The move to increase Canal+’s stake in MC Vision comes on the heels of regulatory scrutiny in February 2024, when South Africa’s Takeover Regulation Panel (TRP) issued a warning to Canal+ regarding its transactions with MultiChoice. The TRP’s cautionary note pertained to the obligation to extend mandatory offers to remaining shareholders following significant acquisitions.
In the wake of this, Canal+ declared its intent to acquire South African broadcaster MultiChoice and proceeded to enlarge its stake from 35% to 40.8% through a substantial $3 billion investment, thereby gaining an additional 3,374,668 shares in the pay-TV company. The culmination of this deal is expected to result in a dual listing of the combined entity in both European and Johannesburg stock exchanges.
In a strategic expansion within Francophone Africa, Canal+ further solidified its market presence in March by acquiring a stake in Senegal’s Marudi TV, a production company known for its local content. This acquisition is part of Canal+’s ongoing efforts to deepen its roots in the region.
The French media conglomerate now proudly offers an extensive portfolio of African programming, amassing over 4,000 hours of content. This content is broadcast across 30 channels and is available in more than 10 languages, catering to a diverse audience on the African continent.
MC Vision, the Mauritian digital pay-TV service provider, has been a fixture in the industry for over two decades. It was established as a joint venture between the local conglomerate Currimjee Jeewanjee and Canal+. Since its inception in 1999, MC Vision has evolved from offering traditional digital satellite TV to providing a suite of premium and exclusive content to its subscribers.
Despite its longstanding presence and recent advancements in content offerings, MC Vision has not been immune to financial challenges. The company reported a significant revenue loss of $27 million for the fiscal year ending in December 2022. This downturn was attributed to a combination of factors, including diminished consumer confidence, a depreciating local currency, the rampant issue of piracy, and the escalating costs associated with acquiring live sports content, which remains a highly valued but expensive commodity in the pay-TV industry.
