Canal+ has finalised its $2 billion takeover of South African pay-TV company MultiChoice, after clearing all regulatory hurdles and shareholder approvals. The deal, which has been in the works for months, was declared unconditional on Monday, September 22, 2025.
The acquisition had faced scrutiny in South Africa due to rules that cap foreign ownership of broadcasting licences at 20%. To resolve this, MultiChoice announced the creation of a new entity, LicenceCo, which now holds its broadcasting licence.
Under the arrangement, MultiChoice retains 20% of LicenceCo’s voting rights, but a larger 49% economic interest.
The balance is held by historically disadvantaged persons (HDPs) and other South African entities, including Phuthuma Nathi, a long-standing empowerment partner, and the MultiChoice Workers Trust.
This structure was key to securing approval from the Independent Communications Authority of South Africa (ICASA) and the Competition Tribunal, both of which had earlier set conditions on the takeover.
Employees and shareholders also benefit under the new arrangement. MultiChoice has committed to job protections, local content investment, and supplier diversity initiatives.
An extraordinary dividend of R1.375 billion is also expected, with portions allocated to Phuthuma Nathi and other South African shareholders.
For Canal+, the acquisition cements its position as Africa’s largest pay-TV operator, combining its strong French-speaking African presence with MultiChoice’s dominance in English-speaking markets.
This consolidation creates a continental media powerhouse at a time when competition from global streaming platforms such as Netflix, Amazon Prime Video, and MultiChoice’s own Showmax is intensifying.
The deal also signals a broader shift in Africa’s media industry, where local regulatory frameworks are adapting to balance foreign investment with domestic control.
For South African regulators, the outcome represents a compromise — allowing fresh capital and global expertise into the industry while safeguarding national broadcasting sovereignty through HDP ownership rules.
Jacques du Puy, CEO of Canal+, had previously said the merger would “strengthen Africa’s media landscape” and expand access to diverse content across the continent. Meanwhile, MultiChoice’s leadership has framed the deal as necessary to sustain growth in a highly competitive market.
With the acquisition now complete, Canal+ will begin integrating MultiChoice’s operations, while regulators and stakeholders monitor how the combined company delivers on promises of local content, employment protection, and consumer pricing stability.
