As a student of history I was rereading David Chandler’s The Campaigns of Napoleon, which outlines the military genius that led to the French emperor’s greatest victories, and ultimately to his downfall. I couldn’t help but see a modern parallel in Maxime Saada, the CEO of Canal+, who has outsmarted the SA authorities in his battle to seize control of MultiChoice.
Saada’s campaign was a masterpiece of corporate warfare. He employed tactics comparable to an ever-shifting kaleidoscope of moves and intentions, baffling and dazing his conventionally minded opponents into a state of disconcerting moral disequilibrium.
The result was a catastrophic defeat for those who stood in Saada’s way. On Monday, his victory seemed complete. French conglomerate Canal+ officially assumed control of MultiChoice, triggering a sweeping executive overhaul.
Saada declared the takeover an “important step forward” and promised a new strategy next year. But hold the bubbly. This victory may be short-lived because he now faces an internal challenge, and it’s dressed in American corporate colours.
Saada’s new prize comes with a deeply embedded partner, and potential rival, in the crucial video-on-demand space: Comcast. In 2023 MultiChoice’s share price skyrocketed when it announced a partnership with American media giant Comcast to relaunch Showmax. Comcast, through its subsidiary NBCUniversal, acquired a 30% stake in Showmax for an undisclosed amount. It was a strategic alliance and a lifeline for MultiChoice as an African pay-TV operator, which was looking to fend off Netflix and Amazon.
Since then NBCUniversal has invested billions of rand into Showmax. Everything seemed hunky-dory — until wily Saada came along. In a stunning series of deft moves Canal+ outmanoeuvred Comcast to become the majority shareholder of MultiChoice. Now the French general finds himself in an uneasy alliance with the very American force he subverted.
The uneasy union makes them partners in Showmax. This is not a clean conquest; it’s a shared occupation of the most valuable digital territory in Africa. The partnership is an inherent contradiction. Clearly, Comcast has its own global ambitions and Africa is an important frontier in that regard. With Canal+ ambitions on exhibit, the unavoidable question is: will Saada oust Comcast from Showmax?
How likely is it that Comcast would relinquish its stake in a platform it helped build, especially now that it is finally showing signs of competing? This is not a passive investment; it’s a base.
For Saada the arrangement is untenable. A media empire’s future is in streaming, and having a rival as a key shareholder in your flagship streaming service is a recipe for disaster. Every strategic decision, every data point, becomes a negotiation. It is a corporate version of a divided command, a classic prelude to disaster on the battlefield.
But Saada is surely prepared. He has been aware of this headache from the start. Like Napoleon, he understands the battlefield is a scene of constant chaos. The winner will be the one who adapts to the likely chaos. Saada has the upper hand because he controls MultiChoice, which in turn is the parent of Showmax. He can dictate terms, make life difficult or launch a full-scale campaign to buy out Comcast’s stake.
We should expect a Game of Thrones. On one side, an American titan that believed it was forging a partnership. On the other, a French conqueror has just conquered a whole kingdom — MultiChoice.
I doubt that Saada executed this brilliant takeover of MultiChoice only to share the crown with Comcast. The French general’s next move will be interesting to observe. History books tell us that after a great victory the greatest generals immediately identify the next threat. For Saada, that threat is already inside the gates.
• Lourie is founder and editor of TechFinancials.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.