MultiChoice has announced a strategic partnership with Comcast Corporation’s subsidiary, NBCUniversal Media, LLC (NBCU), and Sky to enhance its Showmax platform, aiming to establish it as the leading streaming service in Africa. This collaboration marks a significant move towards elevating the streaming experience for African audiences by leveraging the expertise and resources of Comcast and NBCU.
As part of the agreement, Comcast, through NBCU, has acquired a 30% equity stake in Showmax Africa Holdings Limited (SMAH). This partnership not only strengthens Showmax’s position in the market but also facilitates access to a wealth of content from NBCU, Universal Pictures, and Sky. Additionally, NBCU will provide ongoing support through the licensing of its popular Peacock platform, further enriching Showmax’s content library.
To support the growth of SMAH during its investment phase, MultiChoice, via its wholly-owned subsidiary, MultiChoice Group Holdings B.V (MGHBV), and Comcast, through NBCU, will provide funding as deemed necessary by the SMAH board. The funding will be allocated based on their respective shareholdings and will allow for the sharing of future profits accordingly. This collaborative financial approach underscores the commitment of both parties to invest in Showmax’s growth and operational capabilities.
As of March 31, 2024, MGHBV and NBCU have collectively provided USD 120 million in equity funding to SMAH, reflecting their shared dedication to the project and its potential for profitability. The funding will be provided at regular intervals based on SMAH’s working capital requirements and budgetary needs, up to a maximum capped amount.
