Canal + has committed to “double” on the local African content manufactured with large budgets such as Show the Ilembe While its acquisition of $ 2 billion from the Multichoice South African giant ends, CEO Maxime Saada has unveiled the new team today.
Saada addressed the press and investors this morning following the news, which he described as the “largest transaction that we have undertaken” which will create a “world media and entertainment power”, serving more than 40 million subscribers in nearly 70 countries in Europe, Africa and Asia with 17,000 employees. The acquisition should end fully on October 7.
Saada, who becomes president of New Canal + -Multichoice Board, unveiled the group’s management team based in Johannesburg. The CEO of Multichoice, Calvo Mawela, leaves his role with the financial director Timothy Jacobs, replaced by David Mignot, who becomes CEO of Multichoice and Canal + Africa, and Nicolas Dandoy, financial director of Multichoice and Canal + Africa.
Mawela remains in the group as president of Canal + Africa and Jacobs will hear a senior financing position. Mignot was previously CEO Africa, Canal + International and will unveil its new team in the coming days.
Calling Mignot a “very experienced media director”, Saada said that the new council “combines good governance with sustainable growth”. “Its composition aims to ensure stability, new skills and international expertise,” he added.
Saada rejected the idea that the promotion of French leaders to the main roles is “arrogant”. “There is no arrogance,” he added. “Calvo assumes a new role as president of Africa and that is why more than half of the board of directors will remain. Our African operation has always been managed by Africans. ”
“Double” on local content
Responding to a question of the deadline, Saada said that the new group would plow resources in local content such as great co -products Show the Ilembe And Finessewhich were manufactured by the Canal + and the multicoice. Chronicle of the life of the legendary King Zoulu, Show the Ilembe Season 3 is already in production and has been a huge success.
Saada added: “Putting more financial resources in this content is the key, because stories are there in Africa and talent is there in Africa, but what is sometimes lacking are the resources. We have seen with Finesse Or Show the Ilembe Whether whenever content is produced with world class production, it shines and not only in Africa, but this content moves very well outside Africa. »»
Mignot, who now oversees 100 television channels and 10,000 hours of content per year, is committed to spending “more in absolute” on the local content. He said it will be a “very significant” figure but did not remember the figure. We asked for the Canal + for the number.
Speaking alongside Saada and Mignot on the call, Mavela said that the USP of the new group will be “stories in Africa that have not been told and that we want to travel”. “We are aware of ensuring that we are doing well in terms of investment in local content,” he added. “Maxime understood that plurality and investment will be supported from the first day, which will continue.”
Saada has denied that the agreement will create problems in terms of influence on local news, the CEO confirming that Canal + will not launch local information networks on the continent, but will focus on entertainment and sports. “We have never done any news in Africa and we intend to continue to focus on entertainment and sports,” he added. “Transporting information channels is something else, and for that, we are committed not to being involved in this kind of decisions.”
In August, the International Press Institute raised concerns concerning “potential editorial interference and the silence of critical relationships” in Africa following the agreement, which, according to him, would create a “de facto monopoly, giving the [Canal+ controlloing shareholder] Huge Bolloré group influence on the flow of information and the nature of the content which reaches millions of African households. »»
A decision will also be made in the coming weeks or months compared to the future of Showmax, the multichoice streamer which sold a 30% participation in Nbcuniversal in Comcast last year.
“A beautiful puzzle meeting”
The Mega Canal + -Multichoice agreement took a while to be rigged by the South African competition regulator, which finally gave it the approval of the summer.
Canal + previously had a minority participation of 46% in Multichoice. The South African competition court approved the agreement subject to the “agreed conditions”, which included maintaining local funding for South African general entertainment and sporting content, and offering local creators.
A lack of “duplication and territorial overlap” makes the agreement a “beautiful puzzle meeting”, said Saada. Canal + is in 50 countries, about half of which are in Africa, but none of which rides the 16 African countries of Multichoice, he added.
Saada also confirmed that the new group registered on the South African scholarship as soon as possible, with more details on this subject after October 7 once Canal + confirms the quantity of equity of the multichico that it is owned.
“We have always been very clear that we want to list in Johannesburg,” he added. “A question remains [over the equity] And according to this result, we will see where it leads us, but there will be a list in South Africa and London on the other side. »»
The company whose head office is in Paris destroyed its former parent, Vivendi, at the end of last year and registered on the London Stock Exchange, becoming the first media company to do it in several years. Actions have accelerated slightly during today’s multi-needle announcement and are currently negotiating at 238p ($ 3.21) in London. Canal + saw its sales increase by 3.6% to 6.45 billion euros ($ 7.6 billion) in 2024 compared to the previous year, thanks mainly to its film studio productions and higher subscriptions. EBITA increased by 5.4% to 503 million euros.
Melanie GoodFellow contributed the reports
