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After acquiring the Nigerian production studio ROK, Vivendi's Cbad + group is expected to strengthen its position in the African film market.
The Republic of Korea has confirmed the agreement reached yesterday with the Cbad + Group, which plans to develop more original African content.
In a statement from the South Korean company, he said: "The Republic of Korea will produce thousands of hours of Nollywood overtime to broadcast original movies and television series for the Cbad + group."
ROK was created in 2013 by producer and actress Mary Remmy Njoku. It is Nigeria's largest production company, with more than 500 films and 25 television programs currently producing Ghanaian and Nigerian films and which has over 15 million subscribers on DSTV platforms and GOTV.
This agreement constitutes the first international acquisition of the Nigerian film industry, commonly known as Nollywood.
The two companies did not disclose the amount of the Iroko TV channel of the video-on-demand company paid for by Cbad +, which was previously the owner of ROK, and will continue to distribute ROK content via its video application. the subscription request.
According to CNN, Njoku, who will remain CEO of ROK Productions, said the company had the ability to create Nollywood content on a large scale.
She added, "They (Cbad +) were looking for an organization that could deliver Nollywood content to their studio.
"They have channels in French-speaking Africa and wanted an offer of African content for these channels."
Cbad + currently offers its subscribers Nollywood TV, a fiction channel devoted to Nigerian films in French-speaking Africa.
In a statement, Cbad + said: "This acquisition represents a key step in Cbad + Group's international expansion.
"This allows the group to be present throughout the entire Nollywood value chain and to gain unique expertise in the mbad production of African drama, film, series and entertainment."
Vivendi announced last year that Cbad + was planning to add 1.5 million African subscribers by 2020, bringing the total to about 5 million subscribers, compared to 1 million in five years ago, Reuters reported.
The rights of European and African football have long attracted Africa and Cbad + has heavily invested in locally produced content.
In May of this year, Cbad + signed a $ 1.1 billion deal for the acquisition of the M7 pay-TV operator.
M7 was purchased from private equity firm Astorg, extending the footprint of Vivendi's television channel to seven new European countries: the Netherlands, Belgium, the Czech Republic, Slovakia, Austria, Hungary and Romania.
The agreement, which is subject to approval by the European Commission, would see the number of Cbad Plus users increase to 12 million in Europe, bringing the number of its markets to nine, including Poland, Switzerland and France.
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