Canal+ Takes Full Control of MultiChoice in Landmark $2-Billion Acquisition

Johannesburg / Nairobi / Paris — September 22, 2025, 08:00 UTC / 10:00 EAT

Canal+ has officially assumed effective control of South Africa’s MultiChoice Group after fulfilling all the conditions of its takeover offer, in a deal valued at about R35 billion (≈ US$2.02 billion). The acquisition is among the most significant in African media history and is expected to reshape the continent’s pay-TV and streaming landscape. 

The Latest

• On September 22, 2025, Canal+ and MultiChoice confirmed that all regulatory hurdles and mandatory approvals have been cleared, making the takeover offer unconditional. 

• As of September 19, Canal+ already held 46% of MultiChoice shares, with an additional 2.2% tendered by shareholders, giving Canal+ effective control of the company. 

• Canal+ offered R125 per share in its mandatory offer, which is the price it paid for the outstanding shares. This price was accepted in the offer that became unconditional. 

Context in Brief

• Canal+ first began increasing its stake in MultiChoice over recent years; in early 2024 it made a public offer to acquire additional shares beyond what it already owned. Regulatory bodies in South Africa required conditions to be met, particularly around foreign ownership, local content, and empowerment of historically disadvantaged persons (HDPs). 

• South Africa’s Competition Commission recommended the takeover with conditions in May 2025; the Competition Tribunal approved it in July. Key among these was the establishment of a new entity (“LicenceCo”) to hold the broadcasting licence (to comply with legal limits on foreign ownership) and ensuring local/employee participation. 

• MultiChoice has been under economic pressure: loss of subscribers, streaming disruption (especially via its Showmax service), foreign-exchange losses, and a squeezed market due to competition from streaming platforms and piracy. 

Law, Policy, and Process

• Under South African law (including the Electronic Communications Act) foreign ownership of broadcasting licences is capped. To navigate this, Canal+ and MultiChoice created “LicenceCo”, a new entity which holds the broadcasting licence; this was part of securing regulatory approval. 

• The Competition Commission of South Africa and the Competition Tribunal imposed conditions to protect public interest: job guarantees (no retrenchments for 3 years), local enterprise and HDP participation, local content, supplier development, and ongoing corporate social responsibility initiatives. 

Voices and Stakeholders

• Canal+ / Maxime Saada (Chair & CEO of Canal+): Described the acquisition as “an important step forward… to integrate MultiChoice to create a group with enhanced scale, reach and creativity.” 

• MultiChoice: Welcomed the deal while conforming to regulatory requirements. Also indicated that LicenceCo will ensure compliance with South Africa’s foreign-ownership and local participation laws. 

• Regulators: The South African Competition Tribunal and Competition Commission emphasised that the approval was contingent on public interest provisions to protect employment, content diversity, and local ownership. 

• Subscribers / Market watchers: Concerned about pricing, content availability (especially sports), and whether this consolidation will affect competition (e.g., access, general costs). Also watchful for how streaming offerings (like Showmax) will be adjusted under new ownership.

Evidence & Data Box

Risks, Implications & Scenarios

• Market dominance vs competition: With Canal+ controlling MultiChoice, there’s potential for stronger economies of scale and content investment—but also risk of reduced competition, especially in English-speaking Africa.

• Pricing pressure: It remains to be seen whether costs for consumers (subscription fees, channel bundling) will rise, particularly in less affluent markets.

• Content shifts: Canal+ has committed to investing more heavily in local content; this may boost local media industries but also could shift the balance away from some established programming.

• Regulatory oversight: Enforcement of conditions (no retrenchment, HDP participation, etc.) will be critical to ensure the deal benefits broader stakeholders, not just shareholders.

• Streaming vs Traditional Pay-TV: MultiChoice’s streaming arm (Showmax) has seen growth but also losses; Canal+ may reallocate resources to better compete with global streaming platforms.

What We Don’t Know Yet

• The full timetable for integration: when will customers see changes in packaging, content access, or pricing?

• How this will affect employment in the short and medium term, despite the no-retrenchment clause.

• The degree to which Canal+ will centralize operations vs preserving local autonomy in programming for different countries (e.g., Kenya, Nigeria, etc.).

• How competition regulators in other African countries will respond (licensing, content rights, subscriber protections).

Timeline

• Feb 2024: Canal+ makes an offer to acquire outstanding shares in MultiChoice. 

• May 2025: The South African Competition Commission recommends conditional approval. 

• July 2025: Competition Tribunal approves takeover with conditions. 

• Sep 19, 2025: Canal+ holds 46% of shares; 2.2% more tendered. 

• Sep 22, 2025: All suspensive conditions fulfilled; the offer becomes unconditional. 

What to Watch

• Announcements from MultiChoice / Canal+ about changes to subscription prices, channel bundles, content offerings in local markets like Kenya.

• Regulatory follow-through: whether conditions (especially those around local ownership, content, employment) are enforced.

• How the streaming service Showmax figures in the new strategy—will it be expanded, restructured, or merged with Canal+ offerings?

• Consumer reaction, particularly among existing MultiChoice subscribers, regarding perceived value, service interruption, or improvement.

Editor’s Note: This article draws on reporting from Reuters, New African Magazine, BroadbandTVNews, EcofinAgency, and others. As more company statements and regulatory filings are released, the article will be updated to reflect fresh details.