Canal+ has officially completed its $2 billion takeover of South African pay-TV giant MultiChoice, after securing all regulatory clearances and shareholder backing. The deal, months in the making, became unconditional on Monday, September 22, 2025.
The acquisition drew heavy scrutiny in South Africa because national rules cap foreign ownership of broadcasting licences at 20%. To comply, MultiChoice created a new entity called LicenceCo to house its broadcasting licence.
Under the approved structure, MultiChoice holds 20% of LicenceCo’s voting rights and 49% of its economic interest. The remaining share is controlled by historically disadvantaged persons and other South African stakeholders, including Phuthuma Nathi and the MultiChoice Workers Trust.
This restructuring was crucial in winning over both the Independent Communications Authority of South Africa (ICASA) and the Competition Tribunal, which had previously set conditions before the takeover could go ahead.
Employees and local stakeholders also benefit from the new arrangement. MultiChoice has made commitments around job security, increased local content investment, and supplier diversity. An extraordinary dividend of R1.375 billion is expected, with a share allocated to Phuthuma Nathi and other South African shareholders.
For Canal+, the acquisition solidifies its position as Africa’s largest pay-TV operator combining its strong footprint in Francophone Africa with MultiChoice’s dominance in Anglophone markets.
The merger creates a formidable continental media player at a time when competition from global streaming giants like Netflix, Amazon Prime Video, and even MultiChoice’s Showmax continues to intensify.
The deal also highlights a broader shift in Africa’s media industry, as local regulators adapt to balance foreign investment with domestic control. For South African authorities, the outcome represents a compromise welcoming fresh capital and international expertise while protecting national broadcasting interests through HDP ownership requirements.
Jacques du Puy, CEO of Canal+, said the merger would “strengthen Africa’s media landscape” and broaden access to diverse content across the continent. MultiChoice’s leadership described the acquisition as essential for sustaining growth in an increasingly competitive market.
With the takeover now finalized, Canal+ will begin integrating MultiChoice’s operations, while regulators and stakeholders closely watch how the combined entity delivers on commitments to local content, job protection, and consumer pricing stability.
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