In September 2025, after nearly two years of strategic maneuvering, Canal+ successfully acquired a controlling stake in MultiChoice, the leading pay-TV operator across Africa. This acquisition not only made headlines but also marked a significant shift in the continent’s media landscape: it introduced foreign leadership at the helm, accelerated the push toward a unified “super app,” and set the stage for intensified competition with global streaming giants. Here’s a detailed look at how this takeover transpired and its broader implications.
Canal+ sought to expand its footprint by gaining scale, securing valuable sports broadcasting rights, and strengthening its presence in both Anglophone and Francophone African markets. Meanwhile, MultiChoice aimed to bolster its ability to compete against international streaming platforms while stabilizing its traditional decoder-based business. The outcome was a gradual move toward a buyout that addressed both companies’ needs-injecting capital and enhancing operational capabilities simultaneously.
South Africa’s Electronic Communications Act restricts foreign ownership of local broadcast licensees to a maximum of 20%. Without intervention, this regulation would have prevented Canal+ from taking full control. The solution was a structural reorganization: the South African broadcasting license was separated into a distinct, locally controlled entity, while Canal+ retained ownership of the broader group. This arrangement ensured compliance with local laws while maintaining strategic global oversight. The deal was thus preserved.
Chronology of the 20-month takeover and its significance
February 1, 2024 – Initial proposal
Already the largest shareholder, Canal+ submitted a non-binding offer at ZAR 105 per share. MultiChoice dismissed this as undervaluing the company, signaling the beginning of protracted negotiations.
February 28, 2024 – Regulatory intervention
The Takeover Regulation Panel (TRP) determined that Canal+ had surpassed the 35% ownership threshold, triggering a mandatory offer to all remaining shareholders.
March 5, 2024 – Firm bid announced
Canal+ increased its offer to ZAR 125 per share in cash, valuing MultiChoice at approximately $3 billion, demonstrating its commitment to finalize the acquisition.
April 2024 – Stake expansion
Between April 12 and 15, Canal+ raised its shareholding to 40.8% by purchasing 3.5 million MultiChoice shares at an average price of R116 each.
June 4, 2024 – Shareholder communication
A comprehensive “Combined Circular” was distributed, detailing the terms and timeline of the offer.
May 21, 2025 – Regulatory approval milestone
The Competition Commission gave its recommendation to approve the deal, clearing a major antitrust obstacle.
July 23, 2025 – Conditional tribunal approval
The Competition Tribunal approved the acquisition but emphasized the 20% foreign ownership limit, requiring Canal+ to devise a legal solution to comply.
August-September 2025 – Corporate restructuring
MultiChoice established MultiChoice (Pty) Ltd, a South African-controlled entity holding the local broadcast license. This satisfied legal requirements while allowing Canal+ to maintain strategic influence.
September 19, 2025 – Offer becomes unconditional
All conditions were met, making the takeover inevitable.
September 22, 2025 – Canal+ assumes control
A new board, led by Maxime Saada, was installed, and MultiChoice aligned its fiscal year with Canal+’s.
October 10, 2025 – Final acceptance window closes
The deadline for shareholders to accept the offer passed.
October 13, 2025 – Ownership confirmed
Canal+ announced it held 94.39% of MultiChoice shares.
October 13, 2025 – Mandatory squeeze-out
Having crossed the 90% ownership threshold, Canal+ initiated compulsory acquisition of remaining shares and proceeded to delist MultiChoice from the Johannesburg Stock Exchange.
Immediate impacts and future direction
Though the acquisition is recent, its effects are already apparent. Shortly after taking control, Canal+ signaled a fresh chapter for DStv and its affiliated brands by quietly reducing decoder prices-a strategic move to curb subscriber losses while preparing for a major transformation: integrating DStv, GOtv, and Showmax into a single, cohesive platform.
The vision is to create a unified “super app” that seamlessly blends live television, streaming content, and payment services. Drawing on its French heritage, Canal+ is enriching the content lineup with new Ligue 1 football matches and introducing “Open Time” weekends, allowing non-premium subscribers to access premium channels temporarily. This approach encourages upgrades without increasing subscription fees.
For consumers, this could translate into more affordable access to diverse content in the near term. For African content creators and sports rights holders, it means engaging with a larger, well-funded buyer eager for exclusive programming. However, it also consolidates control over what millions of viewers can access, narrowing the distribution landscape.
Shifting dynamics in African media
Canal+ now commands a distribution network reaching 40 million subscribers, with unparalleled penetration in both English- and French-speaking African regions. MultiChoice, once a homegrown powerhouse, gains the financial muscle and content resources to challenge global competitors, albeit at the expense of its autonomy.
Regulators have struck a nuanced compromise: preserving local ownership in legal terms while effectively permitting a foreign parent company to steer strategic decisions. This precedent will influence future cross-border media transactions in South Africa.
This acquisition also reshapes the competitive landscape of Africa’s streaming market. Netflix and Amazon now face a formidable rival equipped with decades of customer relationships, satellite infrastructure, and brand loyalty across the continent. For the first time, the battle for African viewers’ attention may be led from Johannesburg and Paris rather than Silicon Valley.
Looking ahead: key challenges and questions
The coming months will test whether Canal+ can realize its ambitious integration plans. Can it successfully merge decoder-based, terrestrial, and over-the-top (OTT) services into a fluid user experience? Will the strategy of lowering prices become a lasting shift or a temporary tactic? And how will a foreign-owned broadcaster balance its influence with the need to remain culturally relevant across diverse African audiences?
Regardless of the outcomes, one fact stands out: this transaction represents more than a mere acquisition. It marks a pivotal transfer of Africa’s television future, negotiated in corporate boardrooms but destined to unfold in households throughout the continent.