MultiChoice CEO Calvo Mawela told the Sunday Times that the company can “still realise a lot of cost savings without retrenchments.”
This follows MultiChoice’s total revenue declining by 5% year over year and the company’s after-tax loss increasing from R2.9 billion to R4.1 billion.
Mawela also highlighted the company’s focus on building digital products that it can layer on top of its existing pay-TV base to increase revenue. Showmax is another major focus for MultiChoice, and Mawela told MyBroadband the service is on track to achieve $1 billion in revenues in five years. Peter Takaendesa, head of equities at Mergence Investment Managers, told the Sunday Times it has been “a year to forget” for MultiChoice.
However, Takaendesa said it is not all bad news for shareholders, as Canal+’s offer of R125 per share is now “the dominant factor” driving the share prices.Calvo Mawela, MultiChoice CEOWhile Canal+ and MultiChoice have reached an agreement to buy the latter out for approximately R35 billion, both companies face significant regulatory hurdles before the deal can be completed.
Canal+ Headline Multichoice Showmax Broadcasting
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