Shares of DStv owner MultiChoice crashed almost 15% on Tuesday morning, wiping out almost R8 billion in a value, a move which comes after it flagged pressure on its SA margins as a result of load shedding and deteriorating economic conditions.
MultiChoice had 22.1 million subscribers as of September, 9.1 million of which were in SA - which accounted for almost 60% of its subscription revenue. The company had announced in early March that it inked a deal with US media giant Comcast, that will see the owner of NBCUniversal and Sky take a 30% stake in its streaming platform Showmax.
A new version of Showmax with US technology and a plethora of new content will be launched, with the aim to compete with US giant Netflix, and become Africa's leading platform, it said.With new US co-owners and live soccer, Showmax wants to be Africa's go-to streaming platform The company, however, on Monday also said it was seeing success in its cost-containment drive, while due to the positive impact of increased scale, supported by good second-half subscriber growth over the festive season - - especially in Nigeria - the Rest of Africa business remains on track to return to trading profitability.In times of uncertainty you need journalism you can trust.
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