Media conglomerate Naspers is proceeding with its spin off of pay-TV group MultiChoice by listing it on the Johannesburg Stock Exchange (JSE) on 27 February.

In a notice to its own shareholders, Naspers reiterated it wanted to focus on becoming a global consumer internet company as the reason to list its broadcast and entertainment assets; a decision first announced in September 2018..

“Naspers has evolved in recent years into two distinct business lines: a high-growth global internet business with international focus; and a cash generative, African video entertainment business,” the company told its own shareholders.

“The Naspers board of directors, as part of its continuing review of the Naspers business operations, has determined that, given their divergent paths, there is no longer a strategic rationale for keeping both business lines together and there are no synergies between the two businesses.”

MultiChoice operates across 50 countries in Sub Saharan Africa, and at the end of March 2018, served a total of 13.5 million subscribers. The company offered digital satellite TV and subscription video-on-demand (SVOD) to around 7.2 million subscribers in its home nation of South Africa, while its digital satellite, online and digital terrestrial services reached 6.7 million subscribers across the rest of the continent.

The group generated revenues of over ZAR47 billion, and reported an operating profit of ZAR6 billion as of 31 March 2018. It also invested ZAR2.8 billion in acquiring local entertainment content in the year to March 2018 and ZAR1.3 billion on obtaining local sports rights.

In October 2018, Naspers appointed a new management team to lead MultiChoice into independence. Regulatory and policy chief Calvo Mawela was named CEO and Naspers Video Entertainment head Imtiaz Patel was given the role of executive chairman.

In addition to MultiChoice branded broadcast operations, the group’s subsidiaries include SVOD platform Showmax and content security technology company Irdeto.