France's CANAL+ has acquired Iroko's ROK, the Nigerian film studio and TV channels business, for an undisclosed amount.
ROK's debut TV channel was launched in July 2016 by the Lagos-based studio, renowned for its original TV series and Nollywood movies, followed by ROK2 and ROK3 which are carried on satellite pay-TV services like MultiChoice's DStv, with a differing channel selection in various African countries.
The CANAL+ acquisition comprises ROK's production, content distribution and publishing channels.
As part of the transaction, Iroko Ltd will also take full control of JV Iroko+, a subscription video-on-demand (SVOD) service available in French-speaking Africa.
The acquisition comes as the CANAL+ group looks to strengthen its content production reach in Nigeria and across Africa. As part of the acquisition, ROK founder, Mary Njoku, will continue in a leadership role as director-general of ROK Productions SAS, and will maintain a material shareholding in the company.
According to a statement "ROK will produce thousands more hours of Nollywood content to deliver movies and original TV series for CANAL+ group’s audiences in French-speaking Africa."
"As part of the acquisition, CANAL+ group will continue to collaborate with Iroko Ltd, with non-exclusive content distribution of ROK content through the IrokoTV SVOD app."
Iroko started developing the ROK channel since 2013.
"ROK has captured the imagination of millions of movie fans, and they have truly supported us as we’ve grown the company to celebrate and enjoy our African culture," says Mary Njoku.
"I’m excited to be taking our platform on the next stage of its journey with CANAL+ group, who share our passion for creating original content, supporting new talent and together, we have ambitious plans for the future."
Jacques du Puy, CEO of CANAL+ International says, "Through this acquisition CANAL+ group is very happy to develop and enhance the catalogue of Nollywood contents and expand the ROK brand inside and outside the African continent."
