New executive leadership team for newly established MultiChoice Group
Naspers has announced the executive leadership team for the newly formed MultiChoice Group (formerly Naspers’ Video Entertainment business).
Calvo Mawela has been appointed Group Chief Executive Officer and Imtiaz Patel has been appointed Executive Chairman of the MultiChoice Group.
Further appointments include Tim Jacobs as Chief Financial Officer and Brand de Villiers as Group Chief Operating Officer. The appointments will be effective 1 November 2018.
As announced on 17 September 2018, Naspers intends to list its Video Entertainment business separately on the Johannesburg Stock Exchange (JSE) and simultaneously unbundle the shares to its shareholders. The listing and unbundling of MultiChoice Group will create an empowered, top 40 JSE entertainment company that is profitable and cash generative. Multichoice Group is expected to be listed on the JSE in the first half of 2019 and will include MultiChoice South Africa, MultiChoice Africa, Showmax Africa, and Irdeto.
Commenting on the appointments, Naspers CEO Bob van Dijk said: “This announcement marks a significant step for the MultiChoice Group as they journey towards a stand-alone business. I am confident that through the leadership of Imtiaz and Calvo, MultiChoice Group will continue on its growth trajectory and unlock even more value for its shareholders.”
MultiChoice Group will be Africa’s leading video entertainment business. In the last financial year, Video Entertainment added 1.5 million subscribers, and generated revenue of ZAR 47.1 billion and trading profit of ZAR 6.1 billion. It is one of the fastest growing PayTV operators globally and its multi-platform business entertains 13.5 million households across Africa. MultiChoice Group has an unmatched selection of leading international and local content, a world-class sports offering, and a track record of operating at the leading edge of technology.
Commenting on the appointments, Calvo Mawela said: “I am incredibly excited to lead our team of highly capable executives through this new and exciting chapter for our company. Our leadership team is diverse, experienced and well-positioned to grow our position as the leading entertainment company on the African continent. There are significant growth opportunities for MultiChoice Group in Africa. The combination of MultiChoice’s reach, Showmax and DStv Now’s cutting-edge internet television service, alongside Irdeto’s 360 security suite will provide a unique offering.”