Africa Roundup: Canal+ acquires ROK, Flutterwave and Alipay partner, OPay raises $50M
Canal+ would not disclose the acquisition price, but confirmed there was a cash component of the deal.
Founded by Jason Njoku in 2010 — and backed by $45 million in VC — IROKOtv boasts the world’s largest online catalog of Nollywood: a Nigerian movie genre that has become Africa’s de facto film industry and one of the largest globally (by production volume).
Based in Lagos, ROK film studios was incubated to create original content for IROKOtv, which can be accessed digitally anywhere in the world.
ROK studio founder and producer Mary Njoku will stay on as director general under the Canal+ acquisition.
With the ROK deal, Canal+ looks to bring the Nollywood production ethos to other African countries and regions. The new organization plans to send Nigerian production teams to French-speaking African countries starting this year.
The ability to reach a larger advertising network of African consumers on the continent and internationally was a big acquisition play for Canal+.