French broadcaster Groupe Canal+ has highlighted its intention to become a global content platform, seeing Asia and Africa as high-growth markets during its Capital Markets Day on Monday, ahead of its prospective listing on the London Stock Exchange.
“The focus is definitely towards English-speaking [countries]. And of course, London is a much more adequate location to list than any other location in Europe,” CEO Maxime Saada said.
Canal+ has had a strong presence in French-speaking Africa for decades and has been targeting an expansion in English-speaking Africa as it nears the acquisition of South Africa’s MultiChoice.
The group behind the Paddington films is seeking to expand in Asia through its stake in Hong Kong-based Viu and consolidate in Europe with a stake in Swedish platform Viaplay.
Saada said MultiChoice will be instrumental in Canal+’s aim of increasing its customer base beyond its 50 million target.
Launched as a pay-TV channel in 1984 in France, Canal+ has cemented its position as one of the world’s leading broadcasters of live sports events, while also distributing streaming services and producing films via its Studiocanal unit.
The firm, which is expected to spin off from parent company Vivendi in December, declined to provide estimates on valuation.
In October, Yannick Bolloré, chairman of Vivendi and Canal+’s supervisory board, said Canal+ was worth around €6.8-billion. If the valuation is confirmed, Canal+’s float in London would be the largest listing in Britain since 2022.
Break-up
However, Vivendi’s split project must be approved by the shareholders before Canal+’s demerger can go through. Shareholders will vote on the plan at an extraordinary general meeting on 9 December.
Minority stakeholders CIAM and Phitrust have urged other shareholders to vote against the break-up, saying it would only increase control of the Bolloré family. Bolloré will hold a 31% stake in Canal+ after the spin-off.
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“When it comes to the chairman of the board, myself, I cannot say I’m independent…,” Yannick Bolloré said during the Canal+ event. “This is why we have decided to appoint a fully independent lead independent director… All the shareholders will have the same rights, whether it is the Bolloré Group or any other shareholders, he said. — Gianluca Lo Nostro, Leo Marchandon and Mara Vilcu, (c) 2024 Reuters
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