Canal+ Completes MultiChoice Takeover

Canal+ finalises R55 billion takeover of MultiChoice (image source)

France’s Canal+ officially secured effective control of MultiChoice Group on September 19, after all regulatory conditions to its mandatory takeover offer became unconditional. Valued at approximately R55 billion (US $2 billion), the deal positions the combined entity as a global media powerhouse serving over 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia.

Canal+ acquired an initial 46 percent stake in MultiChoice and successfully tendered for an additional 2.2 percent of shares, triggering South Africa’s mandatory offer threshold under the Companies Act. With the acquisition now unconditional, Canal+ replaced MultiChoice’s CEO and CFO with its own executives—David Mignot as CEO of Canal+ Africa and Nicolas Dandoy as CFO—while former MultiChoice CEO Calvo Mawela moved to chair Canal+ Africa’s operations.

“Today marks an important step forward for Canal+, as we integrate MultiChoice to create a group with enhanced scale, reach, and creativity,” said Maxime Saada, CEO of Canal+ and new chair of the MultiChoice board.

MultiChoice reassured its more than 14 million DStv and Showmax customers that subscriptions, billing arrangements, and channel lineups will remain unchanged in the short term. Canal+ executives promised improvements in content offerings, digital services, and user experience, as well as continued investment in Africa-specific programming and sports rights.

Industry analysts note that the merger comes amid intensifying competition from global streaming platforms like Netflix and Amazon Prime Video. By combining Canal+’s content library and financial strength with MultiChoice’s entrenched distribution network in sub-Saharan Africa, the new group aims to accelerate growth in subscription streaming and pay-TV markets.

A reconstituted board of directors balances Canal+ appointees with independent non-executive members. Alongside Saada, Mignot, and Dandoy, the board includes lead independent director Elias Masilela and non-executive directors Kgomotso Moroka, Louisa Stephens, Deborah Klein, and James du Preez. This governance structure is designed to guide the integration process while maintaining strategic oversight and local expertise.

In line with South Africa’s Competition Tribunal conditions, Canal+ established Multichoice Proprietary Limited (LicenseCo) to hold the country’s broadcasting licence, ensuring compliance with foreign-ownership limits under the Electronic Communications Act. The group also committed to public interest measures, including supporting historically disadvantaged audio-visual firms and sustaining funding for locally produced entertainment and sports content.

MultiChoice began in 1994 as M-Net’s satellite division and grew to dominate Africa’s pay-TV landscape with flagship brands DStv and SuperSport. Canal+ first invested in MultiChoice in 2020, gradually increasing its stake until triggering the mandatory offer in early 2024. After protracted negotiations and a Standard Bank-sanctioned fairness opinion in June 2024, both parties agreed on the R125 per share offer to minority shareholders.

Canal+ will present a detailed integration roadmap and expected synergies in the first quarter of 2026. Analysts anticipate the combined group will leverage streaming innovations, mobile platform expansion, and advanced distribution technologies to deepen market penetration and enhance subscriber retention.

Whether through original productions, live sports contracts, or mobile streaming partnerships, Canal+ and MultiChoice now stand as a unified media juggernaut. As the industry watches for strategic pivots, the takeover sets a new benchmark for consolidation in global entertainment.