French media powerhouse Canal+ has received final regulatory approval from South Africa’s Competition Tribunal to acquire MultiChoice, Africa’s leading pay-TV operator. This milestone paves the way for one of the largest media mergers in African history, valued at over R55 billion.
Both companies confirmed in a joint statement on Wednesday that the transaction is expected to close before the long-stop date of October 8, 2025.
Canal+–MultiChoice Merger Clears Final Regulatory Hurdle
The approval from the Competition Tribunal represents the final and most significant regulatory hurdle in the deal. Prior approvals had been obtained from:
- Johannesburg Stock Exchange (JSE)
- Takeover Regulation Panel
- Independent Communications Authority of South Africa (Icasa)
- Financial Surveillance Department
Canal+ CEO Maxime Saada described the approval as “a hugely positive step forward in our journey to bring together two iconic media and entertainment companies and create a true champion for Africa.”
Key Transaction Highlights:
- Deal Value: Over R55 billion
- Offer Price: R125 per share
- Current Stake Held by Canal+: 45.2% (as of May 2024)
- Cash Investment: Over R30 billion
Public Interest Commitments and Local Content Support
To secure regulatory approval, Canal+ and MultiChoice proposed a comprehensive public interest package, including:
- Support for historically disadvantaged businesses
- Continued investment in local entertainment and sports content
- Development programs for South African content creators
“The package will help provide a strong foundation for future success for local content creators,” the companies said.
Calvo Mawela, CEO of MultiChoice Group, called the merger “a significant milestone” toward building a global media powerhouse with Africa at its core.
New Ownership Structure: LicenceCo
To meet South Africa’s foreign ownership rules in the broadcasting sector, the companies are creating a new entity: MultiChoice (Pty) Ltd, also known as “LicenceCo”.
LicenceCo Structure:
- Operated independently
- Majority-owned by historically disadvantaged persons (HDPs)
- Canal+ will hold limited voting rights (max 20%)
- MultiChoice Group retains 49% economic interest and 20% voting rights
LicenceCo’s ownership will include:
- Phuthuma Nathi (27% economic interest)
- Identity Partners Itai Consortium
- Afrifund Consortium
- Employee Share Ownership Plan (ESOP)
This structure ensures compliance with Icasa’s requirement for at least 30% black ownership in licensed broadcasting entities.
What This Means for MultiChoice Subscribers
Customers will not experience any disruptions as a result of the merger. The companies confirmed that:
- LicenceCo will continue serving South African subscribers
- Existing services such as content delivery, technical support, and account management will remain unchanged
- The merger will ultimately enhance content offerings and technology infrastructure
“Subscribers can expect a stronger, more innovative platform powered by combined investments from Canal+ and MultiChoice,” the companies said.
A Pan-African Entertainment Powerhouse in the Making
As the transaction nears completion, Canal+ and MultiChoice are positioning the merged entity as a pan-African media leader, combining international scale with local relevance to drive growth across the continent’s entertainment ecosystem.
About Canal+
Canal+ is a global media and entertainment company headquartered in France, operating in more than 40 countries. It is known for its diverse portfolio of television channels, film production, and distribution platforms.
About MultiChoice
MultiChoice Group is Africa’s leading pay-TV and entertainment provider, reaching millions of households through brands like DStv, GOtv, and Showmax. The company is a major investor in local content creation and sports broadcasting across Africa.
