Development Alert: Canal+ Acquires Additional Shares In MultiChoice

French broadcaster Groupe Canal+ has disclosed that it has bought even more shares in South Africa’s MultiChoice Group in recent days, taking its shareholding closer to the 50% mark.

In a regulatory filing with the JSE on Thursday, Canal+ disclosed that it bought millions more of the JSE-listed MultiChoice’s shares between 12 and 17 April. It acquired 3.65 million shares in that period, and has said it could buy more in the open market as it pursues its plan to acquire control of the parent company of DStv, Showmax and SuperSport.

According to the filing, Canal+ acquired the following shares in recent days:

• Friday, 12 April 2024: About 1.82 million shares in on/off-market transactions for an average consideration of R117.50/share;

• Monday, 15 April 2024: Some 810 000 shares in on/off-market transactions for an average consideration of R115.99/share;

• Tuesday, 16 April 2024: About 1.01 million shares in on/off-market transactions for an average consideration of R115.95/share; and

• Wednesday, 17 April 2024: Some 5 100 shares in on/off-market transactions for an average consideration of R116/share.

Following these share purchases, Canal+ holds 40.83% of the MultiChoice shares in issue.

“Save as may be prohibited under the Companies Act and the takeover regulations, Canal+ may acquire further MultiChoice shares after the date of this announcement while the offer [to MultiChoice shareholders] remains open…,” the French company said.

News of the additional share purchases comes 10 days after the two companies informed investors that they had agreed to work together on a mandatory offer that Canal+ must make to the MultiChoice shareholders. This was after Canal+ triggered a mandatory offer under South African rules by acquiring more than 35% of MultiChoice’s equity earlier this year.

Canal+ plans to offer MultiChoice shareholders R125/share in cash in exchange for their shares

The “cooperation agreement” will see the two broadcasting giants using “reasonable endeavours to cooperate in relation to the offer, including in relation to the fulfilment of the offer conditions and the publication of a combined offer circular”.

Canal+ is offering MultiChoice shareholders R125/share in cash in exchange for their shares.

If the deal hasn’t been consummated by 8 April 2025 – including securing the necessary regulatory approvals, which could still prove to be the biggest stumbling block to a transaction – then it could be terminated. This “long-stop date” can, however, be extended, with the concurrence of South Africa’s Takeover Regulation Panel, a financial regulator that is overseeing the mandatory offer.

Delisting

If the deal goes ahead, MultiChoice could be delisted from the JSE. If Canal+’s offer is accepted by shareholders with at least 90% of eligible MultiChoice shares, then the French firm has reserved the right to delist MultiChoice from the JSE. At the same time, though, Canal+ has said there is an opportunity, potentially, for South African investors to participate in its own proposed listing in Europe.

Cartoonito: Grizzy And The Lemmings And Mr. Bean's Two Hour Run On Weeknights Explained

Cartoonito is a preschool channel operated by Warner Bros. Discovery that offers fun, engaging and imaginative content. It is home to preschool shows like Silly Sunday and Moley alongside family favorites such as Zig and Sharko and Mr. Bean.

For several months, Cartoonito has been airing some of these shows particularly from Boomerang in a 2 hour timeslot on weeknights. Cartoon Network on the other would resume regular viewing and air their shows under the duration of an hour.

In enquiry to Warner Bros. Discovery about Cartoonito's night time offering. It was stated that the viewership within these hours of 20:00 to 00:00 are rather low so primetime is phased out for repeats or catchup episodes toward primetime. 

As stated from their response

The decision to air these series for two hours during the night is part of Cartoonito Africa’s strategy to provide a convenient opportunity for viewers to catch up on their favourite shows. During the night, when the regular audience engagement is lower, we often feature series marathons. This approach allows us to cater to those who may have missed their preferred episodes during the day.

The intention is to create a seamless experience for our audience, ensuring they can enjoy a continuous stream of content, especially if they've missed specific episodes. This practice is not exclusive to "Grizzy And The Lemmings" and "Mr. Bean" but extends to other series as well, providing a variety of options for viewers throughout the night.

Taking this to account, is it possible that Cartoon Network has more the viewers than Cartoonito - yes. It is the most watched kids station in South Africa and overall one of the top 10 channels watched by kids and adults with Cartoonito leaning in the kids sector. 

Although, it still remains very much a mystery how many viewers are tuning to Cartoon Network and Cartoonito in these hours. If Cartoon Network has more variety in these hours with the roles switched over to Cartoonito on weekday mornings. 

Development Alert: Atlantic Based Studio Primal Screen Will Close Its Doors By The End Of May

Primal Screen is an Atlantic based animation and graphic studio that specialized in designing of animation and other illustrations. It is well-known for designing logos and graphics for brands like HBO, Cartoon Network, Nickelodeon and PBS Kids. 

Not long ago, it was revealed through their LinkedIn account that they will close their doors after several of operation. Below is a statement:

Every great story comes to an end.

We started Primal Screen to do stunning work with people we love. In the past 30 years, we’ve collaborated with amazing clients who trusted us with their audience. Together we never lost sight of the power of playful storytelling. And we’ve told a lot of stories.

At the end of May, Primal Screen’s story comes to a close. We cannot even begin to express how grateful we are for all the opportunities, friendships, and beautiful work we’ve been part of. Although we are no longer accepting new projects, the remarkably talented artists and producers who made us great will continue to create smart, fun, extraordinary work. You’ll be so happy if you welcome one of them into your organization, guaranteed!

We want to say a huge thank you to everyone who’s shared this adventure with us. Your support and creativity have been the heart of Primal Screen. 

Hi Hi Puffy AmiYumi Kaznapped! (GBA)

Ami and Yumi had just got back from a world tour concert and decide to take a break. Kaz asks them why they aren't making new songs, and Ami and Yumi respond by telling him they were tired. Then Harmony came walking in asking Ami and Yumi to play another concert and they again claimed they were tired. So Harmony hypnotizes Kaz and kidnaps him while Ami and Yumi were stuck to the ground by a giant lollipop that Harmony threw. Their cats, Jang Keng and Tekirai, come and lick them free and Ami and Yumi start a new journey to rescue Kaz.

For GBA emulator click the banner above and find the Cartoon Extension 

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CNN Is Planning To Move Away From Linear TV And Put Its News Content On Streaming Platforms

CNN’s new boss said the network faces an “existential crisis” because of cord cutting — and that he plans to eventually pivot away from cable TV toward a subscription-based streaming model similar to YouTube and TikTok.

“There are plenty of things we have to fix at CNN,” Mark Thompson, the former New York Times and BBC executive who was hired by Warner Bros. Discovery to dig CNN out of its third-place slump in the cable news race, told Financial Times.

He also hinted that more cost-cutting measures are in the offing, saying that there are “likely to be significant opportunities for de-duplication of parallel organizations and structures and activities.”

“I think we can and should be looking for ways of doing what we do both better, but also doing it less expensively,” Thompson said.

The ex-BBC director general has a tall task — turning around CNN that has struggled to keep up in the ratings with Fox News and MSNBC.

Thompson said he was looking at distributing CNN content through smartphones and other devices in a shift to mostly digital — mimicking his tenure as head of The New York Times Company.

“The idea that there might be digital subscription is a serious possibility,” Thompson told FT when asked about his plans for CNN.

While no final decision has been made, “I think it’s quite likely that we’ll end up there,” he said.

Thompson did not specify what form the digital subscription service would take, though he ruled out it would be similar to CNN’s ill-fated CNN+ — the streaming news venture that was shut down less than a month after it launched.

CNN+, the brainchild of former CNN boss Jeff Zucker, was axed as part of a cost-cutting measure just weeks after the news channel was inherited by the newly merged entity Warner Bros. Discovery.

Thompson was hired last year to replace Zucker’s successor, Chris Licht, whose disastrous 13-month tenure as head of the network ended after an unflattering magazine profile portrayed him as thin-skinned and envious of his predecessor’s popularity.

Warner Bros. Discovery has $44 billion in debt that it needs to reduce — leading to speculation that CEO David Zaslav may look to sell CNN.

Thompson pushed back on the idea that he was abandoning TV altogether.

“Do we want to get more competitive in cable TV and by strengthening our schedules? Yes, we do,” he said.

“But the rate at which people have been and probably will continue to cut the cord and not look at cable TV at all is a far, far greater strategic threat than the finer points of competition between individual cable channels.”

During his eight-year tenure as president and CEO of the New York Times Company, Thompson expedited the publication’s transition to a digital, subscription-based news outlet that has been the main driver of revenue since.

Thompson, who left The New York Times Company in 2020, is credited with helping the Times attract millions of digital subscribers worldwide.

The lone bright spot for CNN is its website, which draws some 160 million unique users each month.

Thompson said that one possibility is to have CNN users register so that the network can then sell information about its audience to advertisers.

“We need an entirely new digital strategy,” he told FT.

“I don’t think any broadcaster has cracked the code on how to be yourself in terms of digital products.”

Credits: New York Post