By John Ogunsemore
French media conglomerate Canal+ has finalised its acquisition of MultiChoice Group, Africa’s leading pay-TV provider, in a landmark $3 billion (approximately 55 billion rand) deal, marking one of the continent’s largest media mergers.
The South African Competition Tribunal approved the transaction on July 23, 2025, allowing Canal+ to gain full control of MultiChoice, the parent company of DStv, GOtv, and Showmax.
The acquisition, which concludes months of regulatory scrutiny, sees Canal+ purchasing the remaining 55% stake it did not already own, at 125 rand ($7.11) per share.
The deal, set to close by October 8, 2025, faced hurdles due to South Africa’s Electronic Communications Act, which restricts foreign companies from holding more than 20% of voting rights in local broadcasters.
To comply, Canal+ and MultiChoice restructured operations, creating an independent entity, LicenceCo, majority-owned by historically disadvantaged persons (HDPs), including Phuthuma Nathi, which holds a 27% economic interest.
Canal+, already a major player with over eight million subscribers across 25 African nations, strengthens its continental foothold by adding MultiChoice’s 14.5 million subscribers across 50 sub-Saharan countries.
The merger aims to create a global media powerhouse with Africa at its core, leveraging MultiChoice’s platforms like DStv, GOtv, and SuperSport, alongside Canal+’s French-language content and technology expertise.
In an official statement released via the Johannesburg Stock Exchange on Wednesday, Canal+ CEO Maxime Saada said, “The approval by South Africa’s Competition Tribunal marks the final stage in the South African competition process and clears the way for us to conclude the transaction in line with our previously communicated timeline.
“This acquisition represents a significant step in expanding our presence across Africa, particularly in English-speaking markets.”
MultiChoice CEO Calvo Mawela called the approval a “significant milestone,” emphasising the financial boost for investment in local content, sports, and digital platforms like Showmax, which has faced competition from Netflix and Amazon Prime.
MultiChoice Chairman Elias Masilela said the deal is a testament to growing investment interest in Africa.
“The offer from Canal+ endorses MultiChoice’s 40-year track record and our compelling continental growth strategy. It is gratifying to note that foreign investors share our view that South Africa and Africa remain attractive growth markets,” he said.
The Competition Tribunal’s approval includes public interest conditions, such as a three-year moratorium on retrenchments, increased HDP ownership in LicenceCo, and a commitment to invest 26 billion rand over three years in South African content and small businesses. These measures aim to preserve media sovereignty and support the local creative economy.
The deal, which began with Canal+’s initial offer in February 2024, followed a rejected 105 rand per share bid deemed undervaluing by MultiChoice.
After increasing its stake to 45.2%, Canal+ triggered a mandatory buyout under South African regulations, leading to the final 125 rand per share offer, a 66.66% premium over MultiChoice’s share price before the initial bid.
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