Canal+ to discontinue Showmax after MultiChoice acquisition
Canal+ has announced plans to shut down the streaming service Showmax following its takeover of MultiChoice. The decision comes after a review of streaming operations and is part of broader cost-cutting measures. Despite significant investments and a relaunch in partnership with NBCUniversal, Showmax struggled to achieve its growth targets. Canal+ and MultiChoice have stated that no job losses will occur as a result of the shutdown.
TLDR
- Canal+ will discontinue Showmax after acquiring MultiChoice as part of cost-saving efforts.
- The shutdown follows a board decision after Showmax failed to meet subscriber growth expectations.
- About $309 million was invested in Showmax by MultiChoice and NBCUniversal, but anticipated growth did not materialise.
- No staff retrenchments will occur due to an agreement preventing job losses for three years.
- Some Showmax Originals will be rebranded for television channels like Africa Magic, M-Net, Mzansi Magic, and kykNET.
