French media company acquires full ownership of DStv, GOtv in $3bn MultiChoice deal
REPUBLICAN NIGERIA gathered that French media giant Canal+ has officially sealed its $3 billion (approximately R55 billion) acquisition of MultiChoice Group, Africa’s leading pay-TV provider, in one of the continent’s largest-ever media mergers.
The landmark deal was given final approval by South Africa’s Competition Tribunal on July 23, 2025, allowing Canal+ to acquire the remaining 55% stake in MultiChoice it did not previously own, at R125 ($7.11) per share. The transaction is expected to close on October 8, 2025.
To overcome regulatory hurdles, particularly South Africa’s Electronic Communications Act which limits foreign ownership in broadcasters to 20% voting rights, the companies restructured operations. A new entity, LicenceCo, was established with majority ownership by historically disadvantaged persons (HDPs), including Phuthuma Nathi, which holds a 27% economic interest.
Canal+, which already boasts over 8 million subscribers across 25 African countries, significantly expands its footprint by integrating MultiChoice’s 14.5 million subscribers in 50 sub-Saharan nations. The merger aims to create a global media powerhouse rooted in Africa, combining Canal+’s French-language content and technology with MultiChoice’s established platforms like DStv, GOtv, Showmax, and SuperSport.
In a statement via the Johannesburg Stock Exchange, Canal+ CEO Maxime Saada said the Tribunal’s approval “clears the way for us to conclude the transaction in line with our previously communicated timeline.”
“This acquisition represents a significant step in expanding our presence across Africa, particularly in English-speaking markets,” Saada added.
MultiChoice CEO Calvo Mawela hailed the approval as a “significant milestone,” noting the deal will fuel further investment in local content, sports programming, and digital platforms such as Showmax, which has faced growing competition from international streaming services like Netflix and Amazon Prime.
Chairman Elias Masilela emphasized the deal as a strong signal of investor confidence in Africa. “The offer from Canal+ endorses MultiChoice’s 40-year legacy and our ambitious continental growth strategy,” he stated.
The Tribunal’s approval came with several public interest conditions, including:
A three-year moratorium on retrenchments.
Increased HDP ownership in LicenceCo.
A commitment to invest R26 billion over three years in South African content production and small business support.
These measures aim to balance foreign investment with the preservation of local media sovereignty and the promotion of the South African creative industry.
The acquisition follows Canal+’s initial February 2024 offer of R105 per share, which was rejected by MultiChoice as undervaluing the company. After steadily increasing its stake to 45.2%, Canal+ triggered a mandatory buyout and eventually agreed to the R125 per share deal — representing a 66.66% premium over the pre-offer stock price.
The merger is expected to reshape the African media landscape and position the combined entity as a formidable player in the global entertainment arena.
