South Africa's TV giant MultiChoice posted a pretax loss of 706 million rand ($38 million) for the year ending in March, the company sai
South Africa 's TV giant MultiChoice posted a pretax loss of 706 million rand for the year ending in March, the company said Wednesday, citing weak local currencies and a drop in subscribers. The company is the subject of a takeover bid by France's Canal+, which already holds more than 35 per cent of… South Africa ’s TV giant MultiChoice posted a pretax loss of 706 million rand for the year ending in March, the company said Wednesday, citing weak local currencies and a drop in subscribers.
The company is the subject of a takeover bid by France’s Canal+, which already holds more than 35 per cent of MultiChoice’s shares. “Volatile and weaker local currencies, power challenges in markets like South Africa, and a weak consumer environment due to rising inflation and high interest rates have created an extremely challenging environment,” MultiChoice said.It was compounded by a nine per cent decline in subscriptions. Business in South Africa suffered from 275 days of rolling power cuts, which discouraged potential subscribers without backup power, it said. Group revenue was also down five per cent to 56 billion rand, but the firm said that were it not for currency swings, it would have been up three per cent. Africa’s largest pay-TV enterprise said it would accelerate a cost-saving programme, prioritise customer retention, leverage sports renewals and further develop local content. Its Showmax video streaming business, which re-launched in February, was showing “encouraging early traction” with the paying subscriber base growing by 16 per cent, the company said. In April, Canal+, a subsidiary of the Vivendi group led by billionaire Vincent Bollore, made a firm offer to acquire all MultiChoice shares it does not currently own. Upping an earlier rejected bid, it offered 125 rand per share, an amount deemed “fair and reasonable” by an independent board appointed by the South African firm. Canal+ is present in 25 African countries through 16 subsidiaries, and has eight million subscribers, according to the French group. Its stake in MultiChoice, Africa’s largest pay-TV enterprise, has allowed it to gain a foothold in English-speaking and Portuguese-speaking nations across the continent.Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above. South Africa's TV giant MultiChoice posted a pretax loss of 706 million rand for the year ending in March, the company said Wednesday, citing weak local currencies and a drop in subscribers. The company is the subject of a takeover bid by France's Canal+, which already holds more than 35 per cent of… While Nigerians’ spending on food and beverage imports rose by 31.4 per cent on a year-on-year basis in quarter one , the value declined by 24.4 per cent in dollar terms, analysis of the foreign trade data has shown.The aggregate Value Added Tax collection stood at N1.43 trillion in Q1 2024, according to the VAT Q1 2024 Report released by the National Bureau of Statistics yesterday. The Central Bank of Nigeria has revealed that the Federal Government spent about $2.2 billion on debt servicing in the first five months of this year. Nigeria is on the verge of missing out on the $27.29 billion funding for the Escravos Seaport Industrial Complex project in Delta State, as well as related projects in seven other beneficiary states, by the end of June 2024. IHS Holding Limited has unveiled its 2023 Sustainability Report, where it disclosed that it has since 2017, committed $29 million to community-focused initiatives to promote growth and wellbeing. Kwara State Government has partnered with First City Monument Bank to enhance the ease of doing business across the state under the World Bank-funded State Action on Business Enabling Reforms programme. Print and Out-of-Home advertising media recorded the slowest Compound Annual Growth Rates of -5.1 per cent and -3.2 per cent, respectively, in the country's marketing communication over six years from 2018 to 2023. Shareholders of Ancoria Asset Management , a licensed Funds/Portfolio Manager, at its yearly general meeting, yesterday, approved a dividend payment totaling N258 million, representing a payout of 38 kobo per share. Towards sustainable energy and reduced transportation costs, Creek Transitway Ltd has signed a Memorandum of Agreement with the Rivers State Government to establish Compressed Natural Gas infrastructure within the state. Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Yiaga Africa deploys election study mission for South Africa pollsNigeria's independent online newspaper
Read more »
– Northern Group Slams Peter Obi over Comment on South Africa ElectionA Trusted Nigerian Newspaper
Read more »
Korea-Africa summit: Has a new chapter opened in South Korea-Africa relations?Nigeria's independent online newspaper
Read more »
New South Africa Parliament Meets Friday To Elect PresidentLawmakers in the 400-seat National Assembly will be called to appoint a speaker and start the process of electing the country's president.
Read more »
South Africa’s unity government: 5 parties that need to find common groundSouth Africans have stated, through their votes, that they are no longer happy with the single party hegemony the ANC enjoyed over the last 30 years.
Read more »
S.Africa’s MultiChoice posts loss on drop in subscribersSouth Africa's TV giant MultiChoice posted a pretax loss of 706 million rand ($38 million) for the year ending in March, the company sai
Read more »