Media giant Naspers will spin off its MultiChoice pay-TV division and with a stock market listing on the Johannesburg exchange on February 27th. It will list in the ‘broadcasting and entertainment’ section.
MultiChoice is a media conglomerate in its own right and owns the DStv, M-Net, SuperSport and Showmax brands and divisions.
MultiChoice, in a statement said it will issue 438.8 million shares, with existing shareholders in Naspers getting allocations.
According to the statement, MultiChoice Africa Group generated over (Rand)47-billion in revenue in the year ended March 31st 2018. Trading profit was over R6-billion, with core headline earnings of over R1-billion. It grew its subscription base to 13.5 million from 10.4 million in the 2017 financial year.