In a watershed moment for Africa’s media landscape, MultiChoice Group is poised to delist from the Johannesburg Stock Exchange (JSE) on December 10, 2025, bringing the curtain down on a six-year stint as a publicly traded company and cementing French media conglomerate Canal+’s control over the continent’s dominant pay-television operator.
The announcement, delivered to shareholders on Friday, confirms that trading in MultiChoice shares will be suspended across both the JSE and the Alternative Exchange (A2X) from Monday, October 27, 2025—just three days away—as Canal+ exercises its legal right to squeeze out remaining minority investors.
The Takeover Timeline
Canal+, the Paris-based media powerhouse and subsidiary of industrial giant Vivendi, has successfully crossed the critical 90% shareholding threshold in MultiChoice, triggering provisions under Section 124(1) of South Africa’s Companies Act. This milestone grants the French company the statutory authority to compulsorily acquire all remaining shares from holdout investors who declined to tender during the initial takeover offer.
The $3 billion acquisition—the largest in Canal+’s history—will see remaining shareholders bought out on identical terms to those offered during the original bid. However, the December 10 delisting date remains subject to regulatory approvals from the JSE, A2X, and the Financial Surveillance Department of the South African Reserve Bank, the financial watchdog responsible for monitoring cross-border capital flows.
Legal Safeguards for Minority Investors
In Friday’s notice, MultiChoice reminded remaining shareholders of their legal recourse under Section 124(2) of the Companies Act, which grants them 30 business days to challenge the compulsory acquisition in a court of competent jurisdiction. Should no legal challenges materialize, Canal+ will complete the forced buyout six weeks after the notice date, transforming MultiChoice into a wholly owned subsidiary of the French media group.
This legal mechanism, designed to protect minority shareholders from being trapped in illiquid positions once a company is substantially controlled by a single entity, nonetheless underscores the reality facing holdout investors: their days as MultiChoice shareholders are numbered.
The End of an Era
MultiChoice’s impending departure from the JSE marks the end of a relatively brief but significant chapter in South African corporate history. The company was spun off from media and technology investment giant Napers and listed on the Johannesburg exchange in February 2019, offering investors direct exposure to Africa’s pay-TV and streaming markets through brands including DStv, GOtv, and Showmax.
During its six years as a listed entity, MultiChoice navigated numerous challenges, from the COVID-19 pandemic’s economic fallout to intensifying competition from global streaming platforms like Netflix, Amazon Prime Video, and Disney+. The company’s journey from independent operator to subsidiary of a European media conglomerate reflects broader consolidation trends in the global entertainment industry.
What Comes Next: Canal+’s JSE Return
In an intriguing twist, earlier this month Canal+ revealed plans to pursue its own secondary inward listing on the JSE through introduction—a process that would allow South African investors to hold shares directly in the enlarged Canal+ Group following MultiChoice’s delisting. This strategic move aims to maintain a South African capital markets presence while offering local investors participation in what will become one of the world’s largest pay-TV and streaming portfolios.
According to Bloomberg, which first reported the secondary listing plans, the arrangement would integrate MultiChoice’s extensive African subscriber base and market expertise into Canal+’s global operations while preserving investor access through the parent company’s shares.
Boardroom Shakeup and Strategic Realignment
The takeover has already triggered significant changes at MultiChoice. In September, the company announced a comprehensive board restructuring and a shift in its financial year-end, aligning its corporate calendar with that of its new French parent. These moves signal the beginning of deeper operational integration between the two media giants.
Canal+’s acquisition creates formidable scale in the increasingly competitive global streaming and pay-TV markets. The combined entity will leverage MultiChoice’s dominance across sub-Saharan Africa—where it serves millions of subscribers in over 50 countries—with Canal+’s established European operations and content production capabilities.
Market Implications
The delisting will remove one of the JSE’s more prominent media and entertainment counters, reducing sectoral representation on Africa’s most advanced stock exchange. For South African investors who have held MultiChoice shares since the 2019 listing, the forced exit represents a moment to evaluate returns over a turbulent six-year period that saw the company contend with currency volatility, regulatory challenges, and a rapidly evolving competitive landscape.
Industry analysts suggest the takeover reflects growing international interest in Africa’s media sector, despite economic headwinds. With MultiChoice’s infrastructure, content libraries, and subscriber relationships now under Canal+’s control, the French company gains a powerful platform to defend against streaming competitors while exploring new revenue opportunities across the continent.
As the October 27 trading suspension approaches, all eyes will be on whether any shareholders mount legal challenges to the compulsory acquisition—and how smoothly Canal+ can navigate the final regulatory hurdles to complete this transformative deal.
WHAT YOU SHOULD KNOW
MultiChoice will delist from the JSE on December 10, 2025, after French media giant Canal+ secured over 90% ownership in a $3 billion takeover—the largest in its history. Trading will be suspended on October 27, just three days away.
Remaining shareholders have 30 days to challenge the compulsory buyout in court or accept the same offer price. MultiChoice’s 6-year run as a JSE-listed company (since 2019) concludes
The French parent plans its own JSE listing, allowing South Africans to invest in the enlarged global media group. This creates one of the world’s largest pay-TV empires, combining Canal+’s European strength with MultiChoice’s dominance across 50+ African countries
