French media company Canal+ has taken a 6.5 per cent stake in South Africa-based pay-TV provider Multichoice.
Canal+ said that the move was a long-term financial investment a testament to the confidence that Vivendi has in MultiChoice and the African continent.
Canal+ is owned by Vivendi, which is also the owner of Universal Music Group and advertising giant Havas.
Multichoice said in a statement: “As a publicly held company, MultiChoice regularly engages with its strategic partners and maintains an open dialogue with the investment community. The Groups policy is not to comment on its individual shareholders nor on its interactions with them. The Company remains committed to acting in the best interests of all shareholders and to create sustainable long-term shareholder value.”