The proposed R55 billion (approximately $3.17 billion) takeover of MultiChoice by French media giant Canal+ is advancing significantly towards completion, following the final approval from the Independent Communications Authority of South Africa (Icasa). This crucial regulatory milestone involves the transfer of Orbicom's electronic communications and radio frequency spectrum licences to Canal+, a key step in the acquisition process.

Orbicom, which serves as MultiChoice’s signal distributor, had submitted applications on 28 November 2024 for the transfer of control over its Individual Electronic Communications Service (I-ECS), Individual Electronic Communications Network Services (I-ECNS), and Radio Frequency Spectrum licences. Icasa officially granted this approval on 28 August 2025, subsequently making the decision public on 18 September 2025. The I-ECNS licence specifically empowers holders to establish and manage electronic communications networks within their designated coverage areas, while the I-ECS licence allows for the provision of services to customers using either their own or third-party network infrastructure. The Radio Frequency Spectrum licence grants rights to utilize a specific radio frequency band within a defined geographical region.

Icasa's decision-making process was thorough, involving a careful screening against consumer interests and the promotion of competition within the Information and Communications Technology (ICT) sector. A significant consideration was also the equity ownership by Historically Disadvantaged Persons (HDPs). In line with these regulatory requirements, Groupe Canal+ has committed to ensuring that HDPs will hold a substantial 40% shareholding. To gather diverse perspectives, Icasa opened the application for public comments in March 2025, ensuring transparency and stakeholder engagement.

Despite Canal+ already owning a 45.2% stake in the pay-TV company as of May 2024, the path to full control has been subject to various regulatory challenges. These hurdles necessitated approvals from several bodies, including the Financial Surveillance Department, the Johannesburg Stock Exchange (JSE), the Takeover Regulation Panel (TRP), and Icasa. Furthermore, compliance with the Electronic Communications Act (ECA) mandated limiting Canal+’s voting rights to 20%, a common restriction for foreign entities in locally licensed broadcasters.

Another pivotal requirement was adherence to South Africa’s Broad-based Black Economic Empowerment (BBBEE) rules, which stipulate that licensees must be 30% owned by historically disadvantaged groups. To address this, MultiChoice announced in July its plan to restructure its domestic unit by creating a new entity, "LicenceCo." This independent company will be majority-owned by HDPs and workers, ensuring full compliance with local ownership laws. As part of this arrangement, LicenceCo will also distribute an extraordinary dividend of R1.375 billion to its HDP shareholders.

The MultiChoice Group is actively undertaking a comprehensive restructuring of its South Africa Holdings to accommodate new investors and align with South African legislation that restricts foreign entities from holding more than 20% of voting rights in local broadcasters. This strategic re-arrangement involves MultiChoice, the newly formed LicenceCo, Phuthuma Nathi Investments, 13th Ave Investments, Identity Partners, Itai Consortium (IPIC), and the trustees of the MultiChoice Workers Trust, all of whom have entered into transaction agreements. MultiChoice recently confirmed to stakeholders that all necessary transactions for this restructuring are firmly in place, fulfilling a key condition set by the Competition Tribunal for Canal+ to proceed with its mandatory offer.

This long-anticipated deal, which commenced in early 2024, represents a strategic move for Canal+ to significantly expand its presence across English-speaking African markets. For MultiChoice, the acquisition provides much-needed capital to bolster local content production and foster innovation within its offerings. Canal+ intends to leverage MultiChoice’s established portfolio, including its linear channels and the streaming platform Showmax, thereby strengthening its competitive edge. The deal is also poised to enhance MultiChoice’s on-ground infrastructure, enabling it to better compete against global streaming powerhouses such as Netflix and Amazon Prime, ultimately aiming to create a dominant force in Africa's pay-TV and streaming sectors.