In a move that’s set to reshape the continent’s media landscape, French broadcasting giant Canal+ has officially secured regulatory approval to acquire MultiChoice, Africa’s largest pay-TV provider. What started as a corporate tug-of-war has evolved into one of the most significant media mergers in African history—one that could redefine how millions consume news, sport, and entertainment across more than 50 countries. But this isn’t just a deal about screens and satellites; it’s about ownership, identity, and the future of African storytelling in a rapidly globalising streaming war.
Canal+ Gains Regulatory Approval to Acquire MultiChoice
South Africa’s Competition Tribunal has approved Canal+’s proposed takeover of MultiChoice Group—with critical conditions. The deal values MultiChoice at roughly 35 billion rand (about $2 billion USD) following a firm offer of R125 per share.
Canal+, already operating in over 25 African countries with ~8 million subscribers, will now absorb MultiChoice that is currently servicing above 19 million households across sub‑Saharan Africa. This positions the combined unit to more effectively counter global streaming giants like Netflix and Disney+ in Africa. MultiChoice will benefit from fresh capital to fund local programming, innovation, and sports rights.
Regulatory Journey & Conditions
On May 21, 2025, the Commission recommended conditional approval, noting the transaction was unlikely to substantially lessen competition—subject to significant public interests safeguards valued at 26 billion rand over three years
Key commitments include:
- Job protection: No layoffs for at least three years post-acquisition.
- Ownership restructuring: Majority ownership of the new broadcasting license-holding entity (LicenceCo) by historically disadvantaged persons (HDPs) and employees.
- Support for local industry and diversity: Mandatory supplier procurement from HDPs and small businesses, promotion of South African content abroad, pluralism in news broadcasting, CSR initiatives in skills and sports development, and main operations to remain in South Africa.
Structural Restructuring to Comply with the ECA
To adhere to the Electronic Communications Act, which caps foreign voting rights in local broadcasting operations at 20%, the companies will:
- Carve out MultiChoice’s South African broadcasting licence and local subscriber base into a new independent entity, LicenceCo.
- LicenceCo will be majority-owned by HDPs, including stakeholders such as Phuthuma Nathi (~27% stake), Identity Partners, Afrifund Consortium, and a Workers’ Trust.
- MultiChoice Group retains 49% economic interest and 20% voting rights in LicenceCo; the rest of its entertainment assets remain within the broader group.
Looking Ahead
Once structural and regulatory hurdles are cleared, the deal will likely close by October 2025. Analysts expect a more integrated and pan-African media offering as Canal+ reins in MultiChoice’s English-and Portuguese-speaking operations. Another expectation is for Canal+ to emerge as a consolidated media powerhouse rooted in Africa, distributing local and global content across satellite and streaming formats. And for local content creators, suppliers, and HDP-owned firms to benefit from investment and procurement commitments built into the merger.
Bottom Line
The long-awaited acquisition of MultiChoice by Canal+ has officially cleared its final regulatory hurdle with conditional approval on July 23, 2025. The deal includes robust public interest safeguards such as supporting employment, black ownership, local content, and compliance with South Africa’s broadcasting law. Completion is expected by early October 2025, which will usher in a new era of African-led media consolidation with significant economic and cultural implications.
Source: reuters
