Canal+ Gets Go-Ahead for Ksh258 Billion MultiChoice Takeover

French media giant Canal+ has secured approval from South Africa’s Competition Tribunal for its Ksh258 billion ($2 billion) takeover of MultiChoice Group, marking a historic consolidation in Africa’s pay-TV industry. The approval, granted on July 23, 2025, clears the way for the creation of the largest pay-TV platform in Africa, serving more than 30 million subscribers across over 50 countries.

A Strategic Move Years in the Making

Canal+ began its acquisition of MultiChoice in 2020, gradually buying shares over the years. Starting with a 20% stake, Canal+ had increased its shareholding to 31.7% by early 2023 and 45.2% by mid-2024, triggering a formal takeover process under South African competition and broadcasting law.

On February 1, 2024, Canal+ launched an initial offer to purchase MultiChoice shares at R105 (Ksh757) per share, which was rejected by MultiChoice as undervalued. Canal+ later raised its offer to R125 (Ksh903) per share. The revised offer was accepted by MultiChoice’s independent board, who deemed it fair and reasonable.

By May 2024, Canal+ had acquired over 45% of MultiChoice through open-market purchases, awaiting regulatory clearance for full acquisition.

Regulatory Hurdles and Local Ownership Compliance

Despite the business alignment, the acquisition faced legal complexities due to South African broadcasting laws, which cap foreign ownership at 20% of license-holding entities. To comply, MultiChoice agreed to spin off its South African broadcasting operations into a new company (“LicenceCo”). This entity will be majority-owned by Historically Disadvantaged Persons (HDPs) and will hold the actual licenses, with Canal+ retaining a minority economic interest.

This structure allowed the deal to progress without violating South Africa’s Electronic Communications Act, which protects local broadcasting assets from foreign control.

Additionally, the deal was categorized as a large merger, requiring oversight from the Competition Commission and the Competition Tribunal. Approval was contingent on public interest commitments worth Ksh188 billion (approx. R2.6 billion) over three years. These include investments in small and medium-sized enterprises (SMEs), content development, and economic empowerment programs in South Africa and across the continent.

Canal+ and MultiChoice: A Pan-African Powerhouse

The merger creates a media juggernaut combining Canal+’s Francophone Africa footprint and MultiChoice’s dominance in Anglophone Africa.

MultiChoice’s Reach

MultiChoice operates DStv, GOtv, Showmax, and SuperSport, reaching over 22 million subscribers across Sub-Saharan Africa. It is also a key player in local content production through its M-Net channels and investments in Nollywood and East African programming.

Canal+ in Africa

Canal+, originally a division of Vivendi and now majority-owned by the Bolloré family, has operated in Francophone Africa since the 1990s. Its African brand, Canal+ Afrique, offers French-language entertainment to over 10 million subscribers in countries like Senegal, Côte d’Ivoire, Cameroon, and the DRC. The company also runs channels such as A+, Novelas TV, and Nollywood TV, focusing on localized and dubbed content.

With this merger, the combined company gains unrivaled reach across both English and French-speaking Africa.

Strategic Implications for Pay-TV in Africa

This merger is more than a consolidation—it’s a strategic bet on Africa as the next frontier of global media consumption. Unlike Europe and North America, where streaming services like Netflix, Disney+, and Amazon Prime have saturated the market, Africa offers:

• A young, growing population
• Rapid urbanization and smartphone penetration
• Increasing broadband and 4G access
• A strong demand for local language content

With over 30 million combined subscribers, Canal+ and MultiChoice are now positioned to leverage scale, expand streaming services, and localize content across languages including English, French, Portuguese, Swahili, Hausa, and Zulu.

Content Synergies

Canal+ owns StudioCanal, one of Europe’s largest film production houses. By combining StudioCanal’s production capabilities with MultiChoice’s African infrastructure and market knowledge, the new entity aims to create world-class African content for both local and global markets.

Streaming and Digital Growth

Canal+’s myCanal platform will merge its capabilities with Showmax, which is currently being revamped in partnership with NBCUniversal and Sky. Together, they aim to compete with global giants by offering mobile-first, data-light, affordable streaming options tailored to African markets.

Market Reaction and Industry Impact

Canal+ CEO Maxime Saada hailed the merger as a game-changer:

“Africa is the future of pay-TV. With MultiChoice, we build a truly African powerhouse—one that produces and delivers world-class content by Africans, for Africans.”

Industry observers agree that this deal reshapes the competitive landscape. The unified platform now rivals not just traditional TV competitors but also streaming platforms like:

• Netflix Africa
• Amazon Prime Video
• Disney+ Hotstar
• YouTube Premium

With full control of content creation, distribution, and licensing, Canal+ is poised to monetize content across linear TV, OTT platforms, mobile apps, and regional syndication.

Looking Ahead: What This Means for African Viewers

For African consumers, this deal could bring more localized content, improved streaming services, and access to premium productions in multiple languages. The merged entity may also bundle services, offer cheaper content packages, and expand its sports and entertainment portfolios.

The merger also promises:

• Increased investments in African film and series production
• New job opportunities in media, tech, and distribution
• Strengthened support for local filmmakers and SMEs

Conclusion

The Canal+-MultiChoice deal is more than a merger—it’s a strategic move that redefines African pay-TV and content streaming. With a vision that stretches from Cape Town to Dakar, the new entity aims to elevate African storytelling while meeting the continent’s growing appetite for premium digital content.

As global platforms continue to eye Africa for growth, this newly approved takeover sends a clear message: Africa’s media future is being built from within.