The Competition Tribunal of South Africa has conditionally approved French media conglomerate Canal+ Group’s acquisition of MultiChoice Group Limited, paving the way for full ownership of Africa’s largest pay-TV broadcaster.
The Tribunal’s decision allows Canal+ to acquire up to 100% of MultiChoice’s issued ordinary shares, building on its existing 45.2% stake. The deal, valued at approximately R55 billion ($3 billion), is expected to close by October 8, 2025, marking a major realignment in Africa’s media landscape.
“This deal is transformative,” said Maxime Saada, CEO of Canal+. “The combined group will benefit from enhanced scale, greater exposure to high-growth markets, and the ability to deliver meaningful synergies”.
Conditions to Safeguard Jobs and Promote Equity
The Tribunal imposed a robust set of public interest conditions, including
- A three-year moratorium on retrenchments for South African employees across Canal+, MultiChoice Group, and its broadcasting arm, LicenceCo.
- A commitment to preserve existing employment terms for South African staff.
- The separation of LicenceCo, MultiChoice’s domestic broadcasting unit, to comply with local ownership laws. LicenceCo will be majority-owned by Historically Disadvantaged Persons, ensuring alignment with South Africa’s broadcasting regulations.
In a joint statement, the companies affirmed: “We will maintain funding for South African general entertainment and sports content, providing local content creators with a strong foundation for future success.”
MultiChoice’s Financial Struggles and Strategic Pivot
MultiChoice has faced mounting challenges, including:
- A 15% drop in Kenyan DStv and GOtv subscribers.
- A 9% decline in group revenue, driven by macroeconomic strain, piracy, and competition from streaming platforms.
- Legal action in Nigeria following back-to-back price hikes in 2024.
Despite these headwinds, the group returned to profitability, reporting a net profit of over $100 million for the year ended March 31, 2025. Its streaming platform, Showmax, saw a 44% year-on-year surge in active paying users after a March price adjustment.
What It Means for Africa’s Media Future
The acquisition positions Canal+ to become a pan-African media powerhouse, combining its French-language content with MultiChoice’s English and Portuguese offerings. The merged entity will serve over 40 million subscribers across 70 countries, with a multilingual footprint spanning sub-Saharan Africa.
Canal+ has pledged to invest R26 billion over the next three years in initiatives supporting South Africa’s creative sector, including:
- Retaining MultiChoice’s headquarters in South Africa.
- Funding locally produced content and live sports.
- Supporting small and medium enterprises in the audiovisual industry.
“We aim to build a unified media platform that blends Canal+’s French-language programming with MultiChoice’s English and Portuguese content, while boosting local production,” said Saada.
