PARIS (Reuters) – Canal+ announced Tuesday to use an additional six -month period to obtain the approval of the regulatory authorities concerning its rapprochement with the South African Multichoice paid television giant, the biggest acquisition in the history of the French audiovisual group.
“Obtaining regulatory authorizations for merger-acquisition by the South African competition authorities and the corresponding regulatory processes are underway,” said Canal+ in a statement released on Tuesday morning.
Announced in April 2024, this merger with Multichoice would prove to be structuring for Canal+, the first shareholder of which is the Bolloré group.
All that remains is to obtain the approval of the regulatory authorities. The procedures will not be concluded on April 8, the initial date, explained Canal+. The group therefore decided to use a planned option allowing it to benefit from an additional six months.
Aside from the date, the terms of the offer remain unchanged, specifies Canal+.
“We are confident in our ability to conclude by then [en octobre] the operation as soon as it is confirmed by the authorities. To replace this extension in its context, it is completely common in South Africa that the green fires of the authorities are part of such a horizon of time, “said Canal+ to Reuters on Tuesday morning.
On the London Stock Exchange, the title Canal+ took 1.2% at 1:08 p.m. GMT.
The group published its financial results as a listed entity on Tuesday for the first time, since the split of its former Mother House Vivendi in December.
Since its IPO, its title has dropped by around 40%.
Among the factors weighing the assessment on the stock market of Canal+ identified by analysts are the lack of information available concerning its perspectives and its strategy, as well as the uncertainty relating to its rapprochement with Multichoice.
Caution for 2025
Canal+ published for 2024 a turnover of 6.45 billion euros, up 2.3% in comparable data over one year. Its adjusted before tax and interest profit increased by 4.2%.
“The results are not very surprised,” Jean-Michel Salvador, analyst at AlphaValue, for whom the figures are “rather reassuring” told Reuters.
“On Multichoice, we have this six -month shift, it will take time,” said the analyst. “There will be a discount on the market” as long as the operation is not carried out, he added.
For 2025, Canal+ provides for a slight drop in turnover, due to the end of its partnership with Disney and the stop of its C8 television channel in France.
The partnership with Disney allowed Canal+ subscribers to have access to the content of the American giant on the French platform.
The producer of films “Paddington” or “Love phew” anticipates moderate growth in the following years, without taking into account the impact of a potential acquisition of multichoice.
In recent years, Canal+ has transformed its economic model, going from an encrypted television channel to a content aggregator, produced by himself or by others.
About 80% of its income comes from subscriptions, according to the group.
Canal+ declared 17,242 subscribers in Europe in 2024, down 0.7%, and 9,695 in Africa and Asia, up 2.5%.
The group proposed a dividend of 0.02 euros.
(Written by Florence Lève in Paris, with Gianluca Lo Nostro and Leo Marchandon in Gdansk, edited by Augustin Turpin and Blandine Hénault)
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