French media giant Canal+ has formally taken control of South African pay-TV MultiChoice Group Limited (MCG), completing a $3 billion acquisition.
The mandatory offer for all outstanding MultiChoice shares not already owned by Canal+ became unconditional on September 19, 2025, following the completion of regulatory approvals.
As of that date, Canal+ directly owns 200,030,591 shares, 46% of MCG excluding treasury shares, supplemented by acceptances representing an additional 2.2% of shares.
With this, Canal+ holds effective control of MultiChoice, creating one of the world’s largest media and entertainment companies, serving over 40 million subscribers across almost 70 countries in Africa, Europe, and Asia, and employing roughly 17,000 staff.
The merger triggers immediate changes in governance. MultiChoice has reconstituted its board to reflect the new ownership while maintaining independence. Maxime Saada, CEO of Canal+, now chairs the MultiChoice board, with Elias Masilela as lead independent director.
David Mignot has been appointed CEO, Nicolas Dandoy CFO, and Jacques du Puy joins as executive director. The board retains a majority of independent directors: Masilela, Kgomotso Moroka, Louisa Stephens, Deborah Klein, and James du Preez.
Former executives, including MultiChoice CEO Calvo Mawela, CFO Timothy Jacobs, Christine Sabwa, Dr Fatai Sanusi, and Andrea Zappia, have stepped down. Mignot and Dandoy will oversee Canal+’s African operations, including MultiChoice. Mawela will chair the African operations, while Jacobs remains in a senior finance role.
The acquisition also aligns MultiChoice’s financial year with Canal+’s, shifting from 31 March to 31 December. Interim results for six months ending 30 September 2025 will be published within three months, audited results for nine months ending 31 December 2025 within three months, and the integrated annual report within four months.
Speaking on the merger, Maxime Saada said, “Today marks an important step forward for CANAL+, as we begin to integrate MultiChoice to create a group with enhanced scale, reach and creativity. Our combined company is unique, a true global media and entertainment powerhouse, serving more than 40 million subscribers across close to 70 countries.
“This combination increases our ability to invest in creative and sporting content throughout Europe, Africa and Asia. We will be able to leverage the diverse talent which sits throughout the group to bring to life compelling local and international stories, both from our in-house production studio STUDIOCANAL and global platforms, and the best national and global sports, all on a world leading platform.
“As we step forward together, I am pleased we have delivered on a key part of the strategy we set out as we became a listed company in our own right last year, strengthening our position in the highest-growth pay-TV markets in the world – Africa-, while continuing to deepen our leading position in Europe. I want to thank the teams at CANAL+ and MultiChoice who have made this transaction a reality.
“We will now begin to integrate MultiChoice, delivering greater value for all stakeholders. I look forward to providing the market with a more detailed update on the strategy of our combined group during the first quarter of next year.”
Calvo Mawela added: “Today we are starting an exciting new journey, one that will bring fresh opportunities for growth and success for our company and the entire African media industry. Over the past three decades we’ve built something special – grounded in innovation, resilience and a shared commitment to bring great content to our audiences. Going forward, this commitment remains unchanged to our audiences everywhere.
“The new combined leadership team brings a strong vision and deep expertise to the whole CANAL+ Africa business, which will take the group to greater heights. Through our combined scale, shared strengths and expanded capabilities, we are set to deliver more value to our customers, great entertainment for our audiences and ongoing support to the communities we serve.”
David Mignot emphasised the opportunities for African audiences: “As a combined company, we are building on strong foundations to create a media and entertainment powerhouse to serve African consumers. I am proud to lead Canal+’s operations across the continent, including our operations in South Africa.
“Canal+ and MultiChoice have both been pioneers, and we are now uniting our cultures of excellence, creativity, technology, and storytelling to create something unique. Together, we will harness digital innovation, from streaming and mobile platforms to advanced distribution, to expand access, enhance experiences, and bring compelling programming to more homes, while giving Africa a stronger voice on the world stage.”
The integration is set to preserve current subscriber arrangements, while Canal+ has pledged support for Historically Disadvantaged Persons (HDPs), Small, Micro and Medium Enterprises (SMMEs) in South Africa’s audiovisual sector, and continued funding for locally produced content.
A strategic update detailing synergies and operational plans will be provided in the first quarter of 2026.
