Canal+ Acquisition Of MultiChoice Gets The Thumps Up, Awaiting Approval By Local Legislation

A MultiChoice independent board has recommended that shareholders accept a takeover offer from Canal+, but the groups still have major regulatory hurdles to overcome.

In a joint circular, the board said that the offer consideration of R125 per share is fair and reasonable and recommended that shareholders accept it once it becomes unconditional.

However, that point has not yet been reached, as the deal is still conditional on obtaining the approval of several government authorities inside and outside of South Africa. Canal+ and MultiChoice are in the process of assessing and finalising a possible reorganisation.

Shareholders have until 22 April 2025 to trade in MultiChoice Shares to participate in the offer. The timelines set out by the circular can be found below:

“In the circumstances, the Independent Board recommends that, in the event that the offer becomes unconditional, MultiChoice Shareholders accept the offer.”

Canal+ has been attempting to purchase MultiChoice since the start of the year, with its opening bid of R54 billion rejected.

However, it then increased its shareholding in MultiChoice to over 35%, meaning that it had to make an offer to buy the rest of MultiChoice. The French broadcaster has since increased its shareholding to 45.2%.

The group is also working on a way around South Africa’s foreign broadcast restrictions. The Electronic Communications Act prevents foreign entities from holding over 20% of a South African broadcaster’s voting rights.

The groups will have to spend the next year trying to find some way around this.

“In light of the duty on Canal+ to make a mandatory offer for the MultiChoice Shares, Canal+ and MultiChoice are in the process of assessing and finalising suitable structuring options and potential transactions, which may be undertaken by the MultiChoice Group on or shortly before the Closing Date to ensure compliance with the applicable limitations on foreign control while also maintaining MultiChoice’s BBBEE credentials.”

SPI International’s FunBox and FightBox Joins Fubo’s Molotov

Canal+ company, SPI International, has expanded its partnership with the French OTT service Molotov, owned by streaming platform Fubo. 

SPI International has introduced Fast&FunBox and FightBox, to Molotov’s lineup which will be available in Molotov’s extended basic package.

SPI International builds on its partnership Molotov, with it currently offering the gaming channel Gametoon on the service.

Fast&FunBox delivers programming of action/adveenture sports including car racing, motocross, snowboarding, and skateboarding. While, FightBox is dedicated to combat sports, offering a selection of exclusive content, live events and weekly programming across mixed martial arts, boxing, wrestling, karate, kickboxing, taekwondo among other disciplines.

“We’re excited to further strengthen our relationship with Molotov by introducing Fast&FunBox and FightBox to French audiences. These offerings, alongside Gametoon, cater to MMA, extreme sports, and esports enthusiasts, in harmony with Fubo’s mission to deliver dynamic sports entertainment to audiences worldwide. With SPI International’s channels on Molotov, viewers can enjoy a diverse range of sports content including appointment to view live fights and breathtaking adrenaline sports,” said Georgina Twiss, MD Western Europe and Africa at SPI International.

“Our parent company, Fubo, has built a successful business in multiple countries following the sports entertainment model, and we plan to expand Molotov’s offering in the same way”, said Grégory Samak, MD at Molotov. “As a player in MMA, extreme sports and esports – all growing sports in France – SPI international is an obvious partner for Molotov as we go deeper into sport.”

Development Alert: BBC First Debuts In Czech Republic And Slovakia Through T-Mobile, O2 And Slovak Telekom

The BBC First brand premiered in Czech Republic and Slovakia as an SVOD collection via T-Mobile and Slovak Telekom in November 2023, but this will be the first time the brand will be available as a linear channel in these countries, according to BBC Studios.

The channel’s June’s highlights include Six Four, a four-part thriller starring Grey’s Anatomy’s Kevin McKidd, which will premier on June 5

BBC First will also air seasons one and two of Maigret, starring Rowan Atkinson, and season one of police drama Hope Street.

BBC First will be available fully localised with Czech subtitles to T-Mobile and O2 subscribers in Czech Republic and Slovak Telekom in Slovakia and joins BBC Earth and BBC News, which are already available in both countries.

“We are thrilled to witness the continuous growth and success of our global brand, BBC First, over the past decade. I cannot envision a better way to commemorate this milestone than by expanding its reach to new audiences, together with our great partners in Czechia and Slovakia, T-Mobile, Slovak Telekom and O2. BBC First presents a distinctive opportunity for British drama enthusiasts, offering a diverse range of content that includes both thought-provoking, gritty narratives and intricate storylines, as well as light crime dramas” said Bartosz Witak, General Manager for CEE at BBC Studios.

Paramount And Skydance Media Agree To Terms Of A Merger, Awaiting Approval

Paramount and Skydance have agreed to terms of a merger. A deal could be announced in the coming days, he said.

A Paramount special committee and the buying consortium — David Ellison's Skydance, backed by private equity firms RedBird Capital and KKR — agreed to the terms. The deal is awaiting signoff from Paramount's controlling shareholder, Shari Redstone, who owns National Amusements, which owns 77% of class A Paramount shares, Faber said Monday.

The agreement terms come after weeks of discussion and a recent competing offer from Apollo Global Management and Sony Pictures.

"We received the financial terms of the proposed Paramount/Skydance transaction over the weekend and we are reviewing them," said a National Amusements spokesperson.

The deal currently calls for Redstone to receive $2 billion for National Amusements, Faber reported Monday. Skydance would buy out nearly 50% of class B Paramount shares at $15 apiece, or $4.5 billion, leaving the holders with equity in the new company.

Skydance and RedBird would also contribute $1.5 billion in cash to Paramount's balance sheet to help reduce debt.

Following the deal's close, Skydance and RedBird would own two-thirds of Paramount, and the class B shareholders would own the remaining third of the company, Faber reported. The negotiated terms were reported earlier by The Wall Street Journal.

The deal will not require a vote from the shareholders, which was part of the negotiations, Faber reported. Paramount's annual shareholder meeting will take place on Tuesday.

The deal is valued at $8 billion, an increase from the $5 billion offer on the table earlier. Under those earlier terms, Redstone would have received less than $2 billion for her stake, and the class B shareholders would have been bought out at a nearly 30% premium at $11 a share.

In early May, Apollo and Sony formally expressed interest in acquiring Paramount for about $26 billion. However, Redstone has favored a deal that would keep Paramount together, and Apollo and Sony planned to break up the company.

In addition to the twists and turns of the negotiations with buyers, Paramount's C-suite has also undergone a shakeup in recent months.

Bob Bakish stepped down as CEO in late April and was replaced by what the company calls the "Office of the CEO." Paramount is now led by three executives: George Cheeks, CBS president and CEO; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the head of Paramount Pictures and Nickelodeon.

Hi Hi Puffy Amiyumi | Pilot | Cartoon Network

After Sam Register (the creator) pitched the idea of Hi Hi Puffy AmiYumi having their own cartoon series on Cartoon Network, the animation studio Renegade Animation created a pitch pilot, in the hopes of swaying Cartoon Network to green-light the show's production.

The pilot was sent to Cartoon Network and they accepted it and it was to air in late 2003, but for unknown reasons, the pilot was reworked and later premiered on November 19th, 2004. The series premiere was successful and was even at the time one of the highest-rated shows to premiere on Cartoon Network.