French pay-TV big Canal+ has assumed management of South Africa’s MultiChoice Group, cementing a landmark transaction that creates one of many world’s largest media and leisure corporations. The transfer follows the finalisation of Canal+’s obligatory provide to amass all excellent shares in MultiChoice at R125 per share, a deal valued at billions of rand and described as the biggest ever undertaken by the Paris-based broadcaster.
The acquisition marks a transformative second for Africa’s broadcasting trade. Canal+ now immediately holds 46 per cent of MultiChoice shares, with acceptances for an additional 2.2 per cent already tendered earlier than the deal turned unconditional on 22 September. With the obligatory provide now in impact, its stake will proceed to climb, successfully giving it majority management of the Johannesburg-listed group.
World powerhouse
The mixed Canal+–MultiChoice group will boast greater than 40 million subscribers throughout almost 70 nations in Africa, Europe and Asia, supported by a workforce of round 17,000. The deal catapults Canal+ into the center of Africa’s fast-growing pay-TV market whereas strengthening its dominant place in Europe.
Maxime Saada, chair of the brand new MultiChoice board and chief government of Canal+, described the settlement as “an necessary step ahead” for the French firm.
“Right now marks an necessary step ahead for Canal+, as we start to combine MultiChoice to create a bunch with enhanced scale, attain and creativity,” he mentioned. “Our mixed firm is exclusive, a real world media and leisure powerhouse, serving greater than 40 million subscribers throughout near 70 nations.”
Saada added that the merger would speed up funding in content material and expertise. “This mix will increase our capability to put money into inventive and sporting content material all through Europe, Africa and Asia. We can leverage the various expertise which sits all through the group to convey to life compelling native and worldwide tales, each from our in-house manufacturing studio STUDIOCANAL and world platforms, and the most effective nationwide and world sports activities, all on a world-leading platform.”
African focus
MultiChoice, which operates the DStv and Showmax platforms, has lengthy been a central participant in Africa’s tv panorama. Its programming mixture of native drama, sports activities and leisure has formed viewing habits throughout the continent.
The acquisition comes with strict public curiosity situations authorized by South Africa’s Competitors Tribunal. These embody commitments to take care of funding in native content material, help small, medium and micro-enterprises (SMMEs), and promote corporations owned by Traditionally Deprived Individuals (HDPs).
The corporate pledged to proceed funding South African-produced normal leisure and sports activities programming, safeguarding a pipeline of jobs and inventive alternatives. Canal+ mentioned these measures underlined its dedication to “driving inclusive development, supporting native industries, and delivering high-quality content material to audiences.”
Calvo Mawela, former MultiChoice chief government and now chair of Canal+ Africa, emphasised continuity for viewers. “Over the previous three a long time we’ve constructed one thing particular – grounded in innovation, resilience and a shared dedication to convey nice content material to our audiences,” he mentioned. “Going ahead, this dedication stays unchanged to our audiences in all places.”
Adjustments on the high
With the transaction now finalised, MultiChoice has unveiled a brand new board and management construction. Whereas Canal+ executives will take key positions, a majority of board members stay impartial, making certain steadiness and oversight in the course of the transition.
Saada will function chair, joined by David Mignot as chief government and Nicolas Dandoy as chief monetary officer. Impartial administrators embody Elias Masilela, who has been appointed lead impartial director, in addition to Kgomotso Moroka, Louisa Stephens, Deborah Klein and James du Preez.
A number of long-serving executives, together with Mawela and outgoing CFO Timothy Jacobs, will stay concerned within the wider Canal+ African operations. Jacobs will proceed in a senior finance function inside the group, whereas Mawela will chair operations throughout the continent.
Mignot, who beforehand headed Canal+ Worldwide, mentioned the brand new entity was nicely positioned to develop its affect. “As a mixed firm, we’re constructing on sturdy foundations to create a media and leisure powerhouse to serve African customers,” he mentioned. “Canal+ and MultiChoice have each been pioneers, and we at the moment are uniting our cultures of excellence, creativity, expertise and storytelling to create one thing distinctive.”
Buyer reassurance
For DStv and Showmax subscribers, the businesses confused that billing and subscription preparations will stay unchanged within the quick time period. Canal+ will present an in depth strategic replace in early 2026, outlining its plans for integration, development and potential synergies.
Executives sought to reassure viewers that the merger would imply larger selection, not disruption. Mignot highlighted digital growth as a key alternative: “Collectively, we’ll harness digital innovation, from streaming and cell platforms to superior distribution, to develop entry, improve experiences, and convey compelling programming to extra houses, whereas giving Africa a stronger voice on the world stage.”
Regulatory hurdles cleared
The deal required intensive regulatory approval in South Africa, notably in gentle of restrictions on overseas possession of broadcasting licences underneath the Digital Communications Act. To conform, MultiChoice accomplished a fancy reorganisation, transferring its broadcasting licence right into a newly structured South African-controlled firm referred to as LicenceCo.
This restructuring allowed the voting scale-back provisions beforehand utilized to overseas shareholders, together with Canal+, to be lifted. Because of this, all voting rights connected to MultiChoice shares held by overseas traders will now be counted in full on shareholder resolutions.
With these necessities met and the Tribunal’s situations glad, the transaction was declared unconditional on 22 September. Fee for tendered shares will start in October, with a timetable working till mid-month.
Strategic shift
The acquisition additionally brings modifications to MultiChoice’s monetary reporting. To align with Canal+ practices, the corporate will shift its year-end from March to December. It’ll publish interim outcomes for the six months to September 2025, adopted by audited nine-month outcomes to December. An built-in annual report will comply with in early 2026.
The brand new timeline displays the corporate’s integration into the broader Canal+ construction and paves the way in which for streamlined world reporting.
Trade affect
Analysts say the transaction highlights the rising consolidation of worldwide media gamers and the strategic significance of Africa’s broadcasting market. With hundreds of thousands of younger, mobile-savvy customers, the continent is considered as one of many final main development frontiers for pay-TV and streaming.
For Canal+, which first entered Africa three a long time in the past, the deal provides it unrivalled scale. It will likely be in a position to leverage MultiChoice’s distribution networks, sturdy model recognition and deep library of African content material, whereas bringing in world experience and assets.
Saada confused that Africa stays central to Canal+’s future. “As we step ahead collectively, I’m happy we now have delivered on a key a part of the technique we set out as we turned a listed firm in our personal proper final yr, strengthening our place within the highest-growth pay-TV markets on the planet – Africa – whereas persevering with to deepen our main place in Europe.”
Wanting forward
The mixing course of is anticipated to take a number of months, with a proper strategic replace due within the first quarter of 2026. Each corporations mentioned they may prioritise stability whereas looking for new alternatives for content material funding and digital innovation.
For African audiences, the main target will likely be on continuity and growth. “The brand new mixed management staff brings a robust imaginative and prescient and deep experience to the entire Canal+ Africa enterprise, which can take the group to larger heights,” Mawela mentioned. “By our mixed scale, shared strengths and expanded capabilities, we’re set to ship extra worth to our prospects, nice leisure for our audiences and ongoing help to the communities we serve.”
As the worldwide streaming wars intensify, the Canal+–MultiChoice deal positions the group as a formidable participant with the assets to compete throughout continents. For Africa, it marks a big vote of confidence within the continent’s inventive industries and a sign that the battle for viewers is ready to accentuate.
