New era for African Media: Canal+ acquisition of MultiChoice

In a deal set to reshape the African media landscape, French media giant Canal+ has secured final regulatory approval from South Africa’s Competition Tribunal to acquire MultiChoice Group, Africa’s largest pay-TV operator, in a transaction valued at R55 billion (approximately $3 billion). Announced on July 23, 2025, this milestone marks the culmination of a year-long pursuit, clearing the way for a merger that could redefine entertainment across the continent. The story of this acquisition is not just about corporate consolidation, it’s about ambition, cultural influence, and the race to dominate Africa’s rapidly evolving media market in the face of global streaming giants.

The making of a Pan-African media powerhouse

Canal+, known for its role in producing global hits like Paddington, has long sought to expand its footprint in Africa, where it already serves 8 million subscribers across 25 countries. MultiChoice, with its 19.3 million subscribers in 50 sub-Saharan African nations, is the crown jewel of African pay-TV, operating iconic platforms like DStv, GOtv, and the streaming service Showmax. The acquisition, which sees Canal+ purchasing the remaining 55% of MultiChoice shares it didn’t already own at R125 per share, is set to create what analysts call a “Pan-African Broadcasting Powerhouse.”

The journey to this moment began in June 2024, when Canal+ triggered a mandatory buyout under South Africa’s Companies Act after amassing over 40% of MultiChoice’s shares. The deal faced intense scrutiny, not least because of South Africa’s strict foreign ownership laws, which cap foreign voting rights in broadcasting licenses at 20%. To navigate this, Canal+ and MultiChoice devised an innovative solution: LicenceCo, a new entity majority-owned by Historically Disadvantaged Persons (HDPs) to comply with the Electronic Communications Act. This structure, combined with a “robust package of public interest commitments,” secured the Competition Tribunal’s approval, following a positive recommendation from the Competition Commission in May 2025.

Maxime Saada, CEO of Canal+, hailed the approval as a “hugely positive step” toward creating “a true champion for Africa.” He emphasized the deal’s potential to deliver “enhanced scale, greater exposure to high-growth markets, and meaningful synergies.” MultiChoice CEO Calvo Mawela echoed this sentiment, calling the approval a “significant milestone” that reflects a shared vision to uplift communities and build a global media company with “Africa at its heart.”

RELATED STORIES

Why MultiChoice sold SuperSport United and what it reveals about Africa’s Pay-TV crisis

MultiChoice 50% price cuts: Has Satellite TV era come to an end?

How Canal+ acquisition can resolve present challenges

The Canal+ acquisition comes at a critical juncture for MultiChoice. Once an unchallenged titan in African pay-TV, the company has faced mounting challenges in Nigeria, its largest market. Economic volatility, including the naira’s devaluation, has led to a 30% drop in remittances (from $91 million to $65 million) and a staggering $21 million loss trapped in Nigeria’s Heritage Bank after its license was revoked in 2024. Subscriber numbers have also plummeted, with over 200,000 customers lost in Nigeria alone, driven by high subscription costs (DStv’s premium bouquet exceeds N40,000, or $24) and competition from affordable streaming platforms like Netflix and YouTube.

Canal+ with deep pockets and global expertise offer MultiChoice a lifeline. The French company’s investment is expected to bolster Showmax, MultiChoice’s struggling streaming platform, and fund innovation in local content production. Posts on social media reflect optimism about the deal’s potential, with experts noting its promise to “support local content” and create a “major shift in Africa’s media landscape.” However, sentiment is mixed, with some expressing concern about MultiChoice losing its independence.

The deal also positions the combined entity to compete with global streaming giants. Netflix, which recently raised prices in Nigeria for the third time in two years, has aggressively courted African audiences with original content, while Amazon Prime and YouTube offer on-demand flexibility that traditional pay-TV struggles to match. By merging Canal+’s international reach with MultiChoice’s deep African roots, the new entity aims to blend the best of both worlds: premium live sports, local storytelling, and cutting-edge streaming technology.

How Canal+ acquisition can impact the African media

A cornerstone of the acquisition is its public interest commitments, estimated to be worth R26 billion over three years. These include sustained investment in South African entertainment and sports content, support for HDP- and SMME-controlled firms in the audiovisual sector, and maintaining MultiChoice’s headquarters in South Africa. The deal also promises to promote the export of African content globally, a move that could elevate Nollywood and other regional industries on the world stage.

These commitments resonate deeply in South Africa, where economic inclusion and job preservation are paramount. The creation of LicenceCo ensures compliance with local ownership laws while fostering opportunities for historically disadvantaged communities. As experts on social media, put it, the approval clears the way for Canal+ to “further expand its footprint on the continent,” with a focus on empowering local creators.

RELATED STORIES

DStv sports-only subscription: A game-changer for African football fans?

MultiChoice in crisis: Price cuts, subscriber exodus, and the battle for relevance

Challenges and opportunities ahead for the acquisition

While the approval marks a major victory, the deal isn’t fully sealed. The Independent Communications Authority of South Africa (ICASA) must still approve the transfer of MultiChoice’s broadcasting license, a process that could face delays. The transaction’s long-stop date of October 8, 2025, provides a tight timeline to finalize these steps. Moreover, MultiChoice’s operational challenges, particularly in Nigeria won’t vanish overnight. The company must address subscriber churn, streamline pricing, and enhance Showmax to compete with Netflix’s affordability and content library. Canal+’s expertise in streaming, evidenced by its stake in Asia’s Viu platform, could provide a blueprint, but execution will be key.

Conclusion

The Canal+–MultiChoice merger is more than a corporate transaction; it’s a bold bet on Africa’s growing media market. With a combined subscriber base of over 27 million and operations spanning dozens of countries, the new entity is poised to dominate pay-TV and streaming in Africa. Yet, its success hinges on balancing global ambitions with local realities, delivering affordable, high-quality content while navigating economic and regulatory complexities.

As Calvo Mawela stated, the deal is about “building something extraordinary.” For African viewers, creators, and investors, the coming years will reveal whether this merger can deliver on that promise, transforming MultiChoice from a struggling giant into a global contender with Africa at its core. For now, the stage is set for a new chapter in African media, one that could redefine how the continent’s stories are told and consumed worldwide.