Canal+ Completes Full Acquisition of MultiChoice in Landmark Deal

A transformative shift in Africa’s media landscape unfolded on Monday, July 28, 2025, as French media giant Canal+ finalized its complete acquisition of MultiChoice, the parent company of popular pay-TV brands DStv and GOtv, in a landmark deal valued at Sh245 billion. The acquisition, announced earlier this morning at 8:50 AM East Africa Time, received the green light from South Africa’s Competition Tribunal, marking the culmination of a process that began in early 2024. The deal, one of the largest in the continent’s media history, hands Canal+ full ownership of MultiChoice, a company that has long dominated pay-TV and streaming services across sub-Saharan Africa. “This is a historic moment for our industry, uniting two visionary companies to shape the future of African entertainment,” a Canal+ spokesperson said, addressing a gathering of media and stakeholders in Johannesburg.

MultiChoice, headquartered in South Africa, has been a household name for decades, serving 19.3 million subscribers across 50 countries with its DStv satellite service and GOtv terrestrial platform, alongside its Showmax streaming service. Canal+, which had gradually increased its stake in MultiChoice since 2024 and already held over 45% of the company, moved to acquire the remaining shares, valuing the group at approximately Sh245 billion. The transaction, finalized after months of regulatory scrutiny, reflects Canal+’s ambition to consolidate its presence in English-speaking African markets and bolster MultiChoice’s position against global streaming giants like Netflix and Amazon Prime. A viewer in Nairobi, tuning into DStv, remarked, “I hope this means better shows and fewer price hikes.”

The Competition Tribunal’s approval, announced late last week, came with conditions to address public interest concerns, ensuring the deal aligns with South African broadcasting regulations. These conditions include the creation of a new entity, LicenceCo, to hold MultiChoice’s domestic broadcasting license, majority-owned by Historically Disadvantaged Persons (HDPs) and workers, in compliance with the 20% foreign ownership cap. The tribunal also mandated a three-year moratorium on retrenchments and commitments to invest in local content and small businesses. A small business owner in Cape Town, selling audiovisual equipment, said, “If they invest here, it could open doors for people like me.” The approval marks the end of a rigorous review process, though final clearance from the Independent Communications Authority of South Africa (ICASA) remains pending.

The acquisition journey began when Canal+ crossed the 35% ownership threshold in 2024, triggering a mandatory buyout offer under South African law. After initial resistance from MultiChoice, which argued the offer undervalued the company, negotiations led to a revised deal valuing shares at a premium that satisfied regulators and shareholders. The Sh245 billion figure reflects the total cost to acquire the remaining stake, building on Canal+’s prior investments. In a joint statement, Canal+ CEO Maxime Saada described the move as “a major step toward creating a global media powerhouse with Africa at its core.” MultiChoice CEO Calvo Mawela echoed this sentiment, noting, “This partnership will bring stability and growth to our operations.”

The merger promises to reshape Africa’s entertainment sector, combining Canal+’s resources—spanning 25 countries and eight million subscribers—with MultiChoice’s extensive infrastructure. The merged entity aims to enhance local content production, leveraging MultiChoice’s production assets and Canal+’s international networks. This could counter the dominance of global streamers, which have eroded MultiChoice’s market share amid a 40-year high in operating challenges. A filmmaker in Lagos, editing a project, said, “More local funding could help us tell our stories better.” The deal also includes plans to expand Showmax, potentially bundling it with Canal+ offerings to attract a broader audience.

Public reaction across the continent has been mixed, with excitement tempered by uncertainty. In Johannesburg, a DStv subscriber watching a sports channel remarked, “I just want uninterrupted football; let’s see if they deliver.” In contrast, a shopkeeper in Kampala, selling satellite dishes, expressed concern. “Foreign ownership might change what we get to watch,” he said, serving a customer as the news played. Social media posts found on X reflect similar sentiments, with some celebrating the potential for improved services and others questioning the impact on local control. The deal’s completion hinges on ICASA’s approval, expected by the October 8, 2025, deadline, adding a layer of anticipation.

The economic context, with South Africa grappling with a 5.5% inflation rate and public debt pressures, underscores the deal’s significance. MultiChoice has faced declining revenues due to competition from piracy and global platforms, making Canal+’s capital injection a lifeline. The Sh245 billion deal—equivalent to approximately $2 billion at current exchange rates—represents a strategic investment to stabilize MultiChoice while expanding Canal+’s footprint. A taxi driver in Durban, listening to the radio, noted, “If they fix DStv’s signal, I’m all for it.” The merger could also influence advertising revenues, a key revenue stream for both companies.

Local content production stands to benefit, with commitments to spend billions on South African entertainment and sports over the next three years. This includes funding for general entertainment and sports programming, a move welcomed by creators but scrutinized for its long-term impact. A producer in Nairobi, pitching a show idea, said, “This could be our chance to shine if they follow through.” The LicenceCo structure ensures compliance with local laws, with plans for a secondary listing on the Johannesburg Stock Exchange, potentially boosting investor confidence. A stockbroker in Pretoria, reviewing market trends, added, “This could attract more foreign interest.”

Communities across MultiChoice’s 50-country footprint have followed the developments closely. In rural areas like Nakuru, a farmer tending maize fields heard a radio update, saying, “Better TV might keep us connected.” In urban centers like Accra, a student at a cyber cafe scrolled through news, noting, “I hope Showmax gets cheaper.” The deal’s public interest conditions, valued at around R26 billion over three years, include support for Historically Disadvantaged Persons and small businesses, aiming to mitigate economic disparities. A woman in Soweto, running a small catering business, said, “If they hire locally, it could help my trade.”

The morning’s announcement sparked discussions in homes and markets. In Kitale, a herder paused to listen to a community radio broadcast, saying, “DStv’s been good; let’s hope it stays that way.” In Cape Town’s markets, a vendor packing fish expressed curiosity. “What will Canal+ bring that’s new?” he asked, wrapping a sale. The merger’s success will depend on integrating operations across diverse markets, a challenge acknowledged by both CEOs. Saada emphasized synergies, while Mawela highlighted community upliftment, promising no service disruptions during the transition. A mother in Harare, feeding her family, added, “Stability for DStv would be a relief.”

As the day progressed, the story rippled through sub-Saharan Africa. In rural areas like Eldoret, a teacher irrigating a school garden said, “This could mean more educational content.” In urban Nairobi, a driver waiting at a matatu stage noted, “Let’s see if the prices drop.” The deal’s completion by October, if ICASA approves, will mark a new era for African media. A youth leader in Kampala, organizing a community meeting, reflected, “This could empower our creators if done right.” The acquisition positions Canal+ and MultiChoice to lead a consolidated entertainment market, with potential benefits and challenges ahead.

The afternoon brought a reflective tone to viewing centers and homes. In Johannesburg, a fan watching a replayed match said, “Better sports coverage would be a win.” In Lusaka, a father checking GOtv channels noted, “My kids love the cartoons; I hope it continues.” The merger’s impact on subscription fees remains uncertain, with analysts suggesting a wait-and-see approach. A community organizer in Bulawayo, planning a radio talk, remarked, “This is a big change; we need to understand it.” The Sh245 billion deal, approved by the Competition Tribunal, sets the stage for a redefined media landscape in Africa.

Legal experts suggest the acquisition could influence future foreign investments, with the LicenceCo model offering a template for compliance. A lawyer in Durban, discussing over tea, said, “This balance of local and foreign interests could set a precedent.” The process involved extensive stakeholder input, ensuring public concerns shaped the outcome. A vendor in Soweto, closing his stall, added, “Let’s hope it brings jobs and better TV.” The deal’s finalization will depend on regulatory alignment, but its approval marks a pivotal moment for MultiChoice’s 19.3 million subscribers.