French media giant Canal+ has closed one of Africa’s biggest broadcasting deals, confirming on Thursday that MultiChoice is now a full subsidiary, capping a three-year pursuit that has reshaped the continent’s entertainment landscape.
The completion caps a process that began quietly in 2023, when Canal+, already MultiChoice’s largest shareholder, signaled its intent to buy out the remaining shares it did not control.
What followed was a methodical, often painstaking march through South Africa’s regulatory machinery, one that tested the patience of both companies and became a case study in cross-border media consolidation on the continent.
Canal+ formally tabled its mandatory offer in June 2024, pricing MultiChoice shares at R125 apiece and valuing the broadcaster at roughly R55 billion (about $3.2 billion).
By late 2025, the French group had crossed the critical 90% threshold, reaching a 94.39% stake, which allowed it to trigger South Africa’s “squeeze-out” provisions under Section 124 of the Companies Act to mop up the remaining shares.
Along the way, the deal cleared several regulatory hurdles that are unique to South Africa’s tightly controlled broadcasting sector. The Competition Tribunal approved the transaction in mid-2025 with conditions attached, while Phuthuma Nathi, the broad-based black economic empowerment vehicle tied to MultiChoice, signed off on a linked restructuring plan.
To satisfy foreign-ownership restrictions on broadcasting licenses, MultiChoice reorganized parts of its South African broadcasting operations before the takeover could proceed to completion.
MultiChoice shares were suspended from the Johannesburg Stock Exchange and A2X in late October 2025, with full delisting following in December, formally closing MultiChoice’s run as an independently listed company.
As part of the deal’s architecture, Canal+ pursued a secondary listing on the JSE, giving South African investors continued exposure to the business even after MultiChoice’s own shares disappeared from the board.
That listing made its debut in June 2026, with Canal+ becoming the first French company to trade on the JSE’s main board, its stock climbing to over R58 in early trading, valuing the group at roughly £2.5 billion.
With the integration now complete, Canal+ has moved quickly to reshape MultiChoice’s governance. Maxime Saada, Canal+’s global chief executive, has taken over as chairman of MultiChoice’s restructured board, while David Mignot, previously head of Canal+’s African operations, now serves as CEO of the combined Canal+ Africa and MultiChoice entity. Nicolas Dandoy has been installed as chief financial officer.
Announcing the completion, Mignot framed the deal in expansive terms: “MultiChoice is now a full subsidiary of a truly international media group operating in 70 countries. The group was founded in France, is listed in London and Johannesburg, and has a strong African presence with operations in more than 45 countries.”
The combined entity is now positioned to serve more than 40 million subscribers across nearly 70 countries spanning Africa, Europe, and Asia, backed by a workforce of roughly 17,000.
MultiChoice itself continues to operate in more than 50 African markets through its DStv and GOtv platform services, which remain central to how millions across the continent access sport, film, entertainment, and news.
Canal+ has framed the acquisition as a platform for deeper investment rather than a takeover that will hollow out MultiChoice’s identity. The company has said it intends to build on MultiChoice’s existing infrastructure and maintain its focus on African audiences and locally produced content while channeling Canal+’s financial firepower, production expertise, and distribution network into the business.
Industry analysts see the tie-up as a defensive and offensive play in equal measure, arming Canal+ to compete more aggressively against global streaming giants like Netflix, Amazon Prime Video, and Disney+, which have been steadily expanding their footprint in Africa while also deepening investment in African-made film, television, and sports programming.
Canal+ has indicated it will lay out a fuller strategic roadmap, including expected synergies and growth targets for the combined group, in the coming months, a moment that will be closely watched by investors, competitors, and millions of DStv and GOtv subscribers alike as Africa’s pay-TV landscape enters a new, more consolidated era.
WHAT YOU SHOULD KNOW
The completion of Canal+’s acquisition of MultiChoice marks a defining moment for African media: Africa’s largest pay-TV operator is now fully absorbed into a global entertainment group spanning 70 countries, backed by deeper capital, content, and distribution muscle.
Canal+ is betting that combining its international reach with MultiChoice’s deep African footprint (DStv, GOtv, and 40+ million subscribers) gives it the firepower to fend off Netflix, Amazon, and Disney+ on the continent, while still promising to keep the content local and the focus African.
