French pay-TV giant Canal+ has assumed control of South Africa’s MultiChoice Group, cementing a landmark transaction that creates one of the world’s largest media and entertainment companies. The move follows the finalisation of Canal+’s mandatory offer to acquire all outstanding shares in MultiChoice at R125 per share, a deal valued at billions of rand and described as the largest ever undertaken by the Paris-based broadcaster.
The acquisition marks a transformative moment for Africa’s broadcasting industry. Canal+ now directly holds 46 per cent of MultiChoice shares, with acceptances for a further 2.2 per cent already tendered before the deal became unconditional on 22 September. With the mandatory offer now in effect, its stake will continue to climb, effectively giving it majority control of the Johannesburg-listed group.
Global powerhouse
The combined Canal+–MultiChoice group will boast more than 40 million subscribers across nearly 70 countries in Africa, Europe and Asia, supported by a workforce of around 17,000. The deal catapults Canal+ into the heart of Africa’s fast-growing pay-TV market while strengthening its dominant position in Europe.
Maxime Saada, chair of the new MultiChoice board and chief executive of Canal+, described the agreement as “an important step forward” for the French company.
“Today marks an important step forward for Canal+, as we begin to integrate MultiChoice to create a group with enhanced scale, reach and creativity,” he said. “Our combined company is unique, a true global media and entertainment powerhouse, serving more than 40 million subscribers across close to 70 countries.”
Saada added that the merger would accelerate investment in content and technology. “This combination increases our ability to invest in creative and sporting content throughout Europe, Africa and Asia. We will be able to leverage the diverse talent which sits throughout the group to bring to life compelling local and international stories, both from our in-house production studio STUDIOCANAL and global platforms, and the best national and global sports, all on a world-leading platform.”
African focus
MultiChoice, which operates the DStv and Showmax platforms, has long been a central player in Africa’s television landscape. Its programming mix of local drama, sports and entertainment has shaped viewing habits across the continent.
The acquisition comes with strict public interest conditions approved by South Africa’s Competition Tribunal. These include commitments to maintain investment in local content, support small, medium and micro-enterprises (SMMEs), and promote firms owned by Historically Disadvantaged Persons (HDPs).
The company pledged to continue funding South African-produced general entertainment and sports programming, safeguarding a pipeline of jobs and creative opportunities. Canal+ said these measures underlined its dedication to “driving inclusive growth, supporting local industries, and delivering high-quality content to audiences.”
Calvo Mawela, former MultiChoice chief executive and now chair of Canal+ Africa, emphasised continuity for viewers. “Over the past three decades we’ve built something special – grounded in innovation, resilience and a shared commitment to bring great content to our audiences,” he said. “Going forward, this commitment remains unchanged to our audiences everywhere.”
Changes at the top
With the transaction now finalised, MultiChoice has unveiled a new board and leadership structure. While Canal+ executives will take key positions, a majority of board members remain independent, ensuring balance and oversight during the transition.
Saada will serve as chair, joined by David Mignot as chief executive and Nicolas Dandoy as chief financial officer. Independent directors include Elias Masilela, who has been appointed lead independent director, as well as Kgomotso Moroka, Louisa Stephens, Deborah Klein and James du Preez.
Several long-serving executives, including Mawela and outgoing CFO Timothy Jacobs, will remain involved in the wider Canal+ African operations. Jacobs will continue in a senior finance role within the group, while Mawela will chair operations across the continent.
Mignot, who previously headed Canal+ International, said the new entity was well placed to expand its influence. “As a combined company, we are building on strong foundations to create a media and entertainment powerhouse to serve African consumers,” he said. “Canal+ and MultiChoice have both been pioneers, and we are now uniting our cultures of excellence, creativity, technology and storytelling to create something unique.”
Customer reassurance
For DStv and Showmax subscribers, the companies stressed that billing and subscription arrangements will remain unchanged in the short term. Canal+ will provide a detailed strategic update in early 2026, outlining its plans for integration, growth and potential synergies.
Executives sought to reassure viewers that the merger would mean greater choice, not disruption. Mignot highlighted digital expansion as a key opportunity: “Together, we will harness digital innovation, from streaming and mobile platforms to advanced distribution, to expand access, enhance experiences, and bring compelling programming to more homes, while giving Africa a stronger voice on the world stage.”
Regulatory hurdles cleared
The deal required extensive regulatory approval in South Africa, particularly in light of restrictions on foreign ownership of broadcasting licences under the Electronic Communications Act. To comply, MultiChoice completed a complex reorganisation, transferring its broadcasting licence into a newly structured South African-controlled company known as LicenceCo.
This restructuring allowed the voting scale-back provisions previously applied to foreign shareholders, including Canal+, to be lifted. As a result, all voting rights attached to MultiChoice shares held by foreign investors will now be counted in full on shareholder resolutions.
With those requirements met and the Tribunal’s conditions satisfied, the transaction was declared unconditional on 22 September. Payment for tendered shares will begin in October, with a timetable running until mid-month.
Strategic shift
The acquisition also brings changes to MultiChoice’s financial reporting. To align with Canal+ practices, the company will shift its year-end from March to December. It will publish interim results for the six months to September 2025, followed by audited nine-month results to December. An integrated annual report will follow in early 2026.
The new timeline reflects the company’s integration into the wider Canal+ structure and paves the way for streamlined global reporting.
Industry impact
Analysts say the transaction highlights the growing consolidation of global media players and the strategic importance of Africa’s broadcasting market. With millions of young, mobile-savvy consumers, the continent is viewed as one of the last major growth frontiers for pay-TV and streaming.
For Canal+, which first entered Africa three decades ago, the deal gives it unrivalled scale. It will be able to leverage MultiChoice’s distribution networks, strong brand recognition and deep library of African content, while bringing in global expertise and resources.
Saada stressed that Africa remains central to Canal+’s future. “As we step forward together, I am pleased we have delivered on a key part of the strategy we set out as we became a listed company in our own right last year, strengthening our position in the highest-growth pay-TV markets in the world – Africa – while continuing to deepen our leading position in Europe.”
Looking ahead
The integration process is expected to take several months, with a formal strategic update due in the first quarter of 2026. Both companies said they will prioritise stability while seeking new opportunities for content investment and digital innovation.
For African audiences, the focus will be on continuity and expansion. “The new combined leadership team brings a strong vision and deep expertise to the whole Canal+ Africa business, which will take the group to greater heights,” Mawela said. “Through our combined scale, shared strengths and expanded capabilities, we are set to deliver more value to our customers, great entertainment for our audiences and ongoing support to the communities we serve.”
As the global streaming wars intensify, the Canal+–MultiChoice deal positions the group as a formidable player with the resources to compete across continents. For Africa, it marks a significant vote of confidence in the continent’s creative industries and a signal that the battle for viewers is set to intensify.
