French media powerhouse Canal+ Group has finalized its $2 billion acquisition of South African pay-TV leader MultiChoice Group, creating a formidable global entertainment entity with over 40 million subscribers across nearly 70 countries.
The deal, announced on September 22, marks the culmination of a nearly two-year saga that began in early 2024 when Canal+—already holding a 46% stake in MultiChoice—launched a mandatory buyout offer for the remaining shares at 125 rand ($7.2) per share, valuing the Johannesburg-based company at approximately $3 billion in enterprise value. The transaction was declared unconditional on September 19 after navigating a gauntlet of regulatory approvals, including a critical green light from South Africa’s competition tribunal in late July and a complex corporate restructuring to comply with foreign ownership restrictions under the Electronic Communications Act.
“This acquisition strengthens our leadership in Africa—one of the world’s most dynamic pay-TV markets—while continuing to consolidate our position in Europe,” said Maxime Saada, chairman and CEO of Canal+, in a joint statement with MultiChoice. The merger dissolves longstanding rivalries in the continent’s fragmented market, where Canal+ has dominated francophone regions with eight million subscribers, and MultiChoice—home to popular services like DStv and GOtv—has held sway in anglophone and lusophone territories with 14.5 million users across 50 sub-Saharan countries.
Under the new structure, Canal+ assumes full control, with Saada appointed as chairman of MultiChoice’s restructured board. David Mignot, previously CEO of Canal+ Africa, steps in as CEO of the combined Canal+ Africa operations, while Nicolas Dandoy takes the helm as CFO. In a nod to continuity, outgoing MultiChoice CEO Calvo Mawela transitions to chairman of Canal+ Africa, and former CFO Timothy Jacobs retains a senior finance role within the group.
To address South Africa’s stringent broadcasting laws capping foreign voting rights at 20%, MultiChoice established “LicenceCo,” a ring-fenced entity holding its local licenses. This new company is majority black-owned, with empowerment partners like Phuthuma Nathi controlling 39% of the voting shares, while the Canal+-led group holds a 49% economic interest but limited voting power. The innovative workaround ensures compliance while preserving MultiChoice’s operational footprint.
For the 22 million-plus DStv and GOtv customers, the immediate impact appears reassuringly minimal. Canal+ has pledged no disruptions to existing services, decoders, or apps, emphasizing instead investments in enhanced content, local African storytelling, and technological upgrades to fend off global streaming rivals like Netflix and Amazon Prime Video. “Today we are starting an exciting new journey, one that will bring fresh opportunities for growth and success for our company and the entire African media industry,” Mawela stated, underscoring a commitment to innovation and audience-centric content.
The combined group, now boasting nearly 17,000 employees, positions Canal+ as a “global media and entertainment powerhouse” with enhanced scale to invest in original programming and digital platforms. A strategic update on synergies and growth plans is slated for the first quarter of 2026.
Controlled by billionaire Vincent Bolloré, Canal+—known for hits like the “Paddington” franchise—views the takeover as its largest ever, fortifying its foothold in a market projected to surge amid rising demand for premium entertainment. As Africa’s pay-TV sector evolves, this union signals a bold pivot toward unified, continent-wide dominance in the face of intensifying international competition.