Canal+, the French media conglomerate, has successfully finalized its significant takeover of South African pay-TV giant MultiChoice, a deal valued at approximately $2 billion. This acquisition, declared unconditional on Monday, September 22, 2025, marks Canal+'s largest takeover to date, establishing it as a formidable global media and entertainment group with an expanded presence across Africa, Europe, and Asia.

The path to completion involved navigating stringent South African regulatory hurdles, particularly rules capping foreign ownership of broadcasting licenses at 20%. To address this, MultiChoice innovatively structured a solution by creating a new entity, LicenceCo, which now exclusively holds its broadcasting license. Under this arrangement, MultiChoice maintains 20% of LicenceCo’s voting rights alongside a more substantial 49% economic interest. The remaining balance of ownership is strategically held by historically disadvantaged persons (HDPs) and other South African entities, including the long-standing empowerment partner Phuthuma Nathi, and the MultiChoice Workers Trust. This carefully designed ownership structure was instrumental in securing the necessary approvals from the Independent Communications Authority of South Africa (ICASA) and the Competition Tribunal, both of whom had imposed conditions on the takeover.

As part of this consolidation, Canal+ has implemented wide-ranging changes to MultiChoice’s board and management, aiming for a strategic balance between local market continuity and global exposure. David Mignot has been appointed Chief Executive Officer of African operations for the combined entity. Maxime Saada assumes the role of Executive Chairman, overseeing the integrated group, while Nicolas Dandoy steps in as the Chief Financial Officer for the Canal+ group. Jacques du Puy, formerly CEO of Canal+, will serve as an Executive Director on the new board. Calvo Mawela has stepped down as MultiChoice CEO but will continue his involvement as chairman of Canal+’s African business. Similarly, Timothy Jacobs has resigned as MultiChoice’s CFO to take on a senior finance role within the newly merged group. The new MultiChoice board also includes a strong contingent of independent non-executive directors: Elias Masilela (lead independent director), Kgomotso Moroka, Louisa Stephens, Deborah Klein, and James du Preez. These board changes were voted in accordance with MultiChoice’s memorandum of incorporation and became effective immediately, following the resignation of previous MultiChoice board members on the same day the acquisition was finalized.

The newly formed media powerhouse boasts an impressive scale, poised to serve over 40 million customers across approximately 70 countries in Asia, Europe, and Africa, and will employ around 17,000 individuals. Canal+ emphasized that the consolidation will significantly enhance content distribution, streamline streaming operations—leveraging platforms like Showmax and DStv—and facilitate the integration of Canal+'s extensive global content library and production capabilities with MultiChoice's robust on-the-ground presence. Both companies are committed to achieving operational efficiency, adhering strictly to local broadcasting requirements, and driving a renewed commercial strategy focused on sustainable growth and improved service for African viewers. This merger is seen as a crucial step for MultiChoice to sustain growth amidst intense competition from global streaming giants such as Netflix and Amazon Prime Video.

Under the terms of the takeover, Canal+ and the enlarged group have made significant public interest and regulatory commitments for South Africa. These include sponsoring historically disadvantaged persons’ controlled enterprises and small, micro, and medium-sized enterprises within the local audio-visual industry. Furthermore, there are pledges to fund South African general entertainment and local sport programming, alongside commitments to job protections, local content investment, and supplier diversity initiatives. MultiChoice also anticipates an extraordinary dividend of R1.375 billion, with portions allocated to Phuthuma Nathi and other South African shareholders. Both Canal+ and MultiChoice have assured that the terms and subscriptions for existing MultiChoice customers will remain unchanged. A comprehensive strategic update, detailing product roadmaps, content spend, and operating milestones for the integrated group, is scheduled to be released in the first quarter of 2026, as Canal+ continues its efforts to cooperate with partners, regulators, and industry participants during the integration process.