— By Business Correspondent
In a historic move set to reshape the African media landscape, French media conglomerate Canal+ has finalized its full acquisition of MultiChoice Group, Africa’s largest pay-TV provider, in a deal valued at $3 billion (R55 billion).
The South African Competition Tribunal gave its final approval on July 23, 2025, marking the end of months of rigorous regulatory scrutiny and paving the way for Canal+ to gain 100% ownership of MultiChoice — the parent company of DStv, GOtv, SuperSport, and Showmax.
Under the terms of the agreement, Canal+ will acquire the remaining 55% stake it did not already own at R125 ($7.11) per share. The deal is expected to close by October 8, 2025.
The merger, one of the largest of its kind in Africa’s media sector, initially faced headwinds due to South Africa’s Electronic Communications Act, which prohibits foreign companies from owning more than 20% of voting rights in domestic broadcasting services.
To comply, Canal+ and MultiChoice established a separate, independent entity known as LicenceCo, controlled by historically disadvantaged persons (HDPs). The influential investment group Phuthuma Nathi, which already held a 27% economic interest in MultiChoice South Africa, is a key stakeholder in this structure.
This creative corporate maneuver ensured Canal+ could proceed without violating local ownership laws while still expanding its economic stake.
Canal+, already a major content provider with over 8 million subscribers across 25 African countries, significantly expands its reach by integrating MultiChoice’s 14.5 million subscribers in 50 sub-Saharan nations.
The acquisition solidifies Canal+’s long-term goal of becoming a pan-African media powerhouse, merging its French-language expertise, international networks, and advanced tech infrastructure with MultiChoice’s established African brands and deep market penetration.
The combined platforms — DStv, GOtv, SuperSport, Showmax, and Canal+ — are expected to deliver a more diverse mix of content, enhanced technology experiences, and more competitive subscription offerings. Analysts anticipate greater local content investment, multilingual programming, and potential price shifts as the merged entity realigns its strategy.
In a statement filed via the Johannesburg Stock Exchange, Canal+ CEO Maxime Saada celebrated the approval, calling it “the final stage in the South African competition process,” and emphasized that the deal aligns with Canal+’s strategy to make Africa the centerpiece of its global growth ambitions.
“We are thrilled to move forward with this transaction and look forward to harnessing the collective strength of our platforms and people,” Saada added.
As the October completion date nears, industry watchers say the merger is a game-changing moment for African media — signaling consolidation, globalization, and a renewed focus on digital transformation.
With increased competition from global streamers like Netflix and Amazon, the Canal+-MultiChoice alliance could offer the most formidable African counterweight yet, combining local reach with global vision.