Vivendi’s Canal+ plans to double its stake in MC Vision to become the majority shareholder of the Mauritian-based digital pay-TV company, as the French firm seeks to boost its presence on the continent.
Canal+ will increase its stake to 75% from 37% for an undisclosed amount, pending regulatory approvals, according to a joint statement published in Le Dimanche/L’Hebdo newspaper.
Currimjee Jeewanjee and Co, a family-owned business that started MC Vision with Canal+ more than two decades ago, will cut its stake to 25% from 53% and state-owned Mauritius Broadcasting Corporation will sell its 10% holding.
The new structure “will enable MC Vision to continue to meet the expectations of Mauritian households in terms of audiovisual content and services, while benefiting from the support of the Canal+ group”, the companies said.
Canal+ is seeking to expand its presence on the youngest and fastest growing continent to compete with US entertainment giants. In April it made an all-cash formal offer for MultiChoice Group, valuing the South African broadcaster’s shares at $3 billion and said the combined entity will be listed in Europe and Johannesburg.
From pioneering digital satellite television in the Indian Ocean island nation in 1999, MC Vision has evolved into a provider of premium and exclusive content.
In the year to December 2022, it recorded revenue of $26,955 million and a 34,502 loss. The shortfall was due to low consumer confidence, a significantly weaker rupee, a rise in piracy and the unprecedented cost of content rights, for live sports in particular, according to Currimjee Jeewanjee’s annual report.
