French media giant Canal+ has finally received South Africa’s regulatory clearance to go ahead with its full acquisition of MultiChoice Group, the last major step before one of Africa’s most consequential media deals is closed.
With this green light from the Competition Tribunal, Canal+ is now authorised to buy out all the MultiChoice shares it does not already own, at ZAR 125 per share, valuing the entire company at roughly ZAR 55 billion ($2.9 billion), a 67% premium on MultiChoice’s trading price before the offer was made.
Canal+ has long operated across 25 African countries, but MultiChoice unlocks the rest of the continent, especially key English-speaking markets where the French firm had limited penetration.
With MultiChoice’s 14.5 million subscribers added to its existing 8 million, Canal+ is taking the position of a giant in African pay-TV.
Canal+ is also buying access to cultural influence, content pipelines, and the continent’s fast-growing streaming audience. Africa’s rising middle class, driven by mobile phone penetration and demand for local entertainment, presents a huge opportunity that European markets no longer offer.
“This approval represents the final stage in the South African competition process,” said Canal+ CEO Maxime Saada. “It enables us to move forward and begin unlocking the synergies across our operations.”
To comply with South Africa’s Electronic Communications Act, the companies will create a separate broadcasting entity known as LicenceCo.
This new body will be independently run and majority-owned by Historically Disadvantaged Persons (HDPs), ensuring continued South African control over broadcasting licences.
Key local stakeholders, such as Phuthuma Nathi, Identity Partners, and Afrifund Consortium, will anchor the HDP ownership structure. In addition, a Workers’ Trust will be set up to give MultiChoice employees an ownership stake.
Canal+ will be restricted to just 20% voting rights in LicenceCo, a move designed to calm domestic concerns about foreign taking over a sector with deep cultural relevance.
Alongside the structural commitments, Canal+ and MultiChoice have jointly pledged to invest ZAR 26 billion (approximately $1.4 billion) over three years to boost the South African audiovisual sector. This investment will be spread across content creation, sports broadcasting rights, and support for small businesses in the media ecosystem.
The goal is to address fears within the local creative industry about losing influence and jobs. Several South African actors, producers, and filmmakers have voiced anxiety over the prospect of a foreign media group controlling their platforms.
This public interest investment is expected to soften that opposition by promising job protection and stronger content pipelines for African stories.
MultiChoice CEO Calvo Mawela welcomed the tribunal’s ruling, describing it as “a significant milestone.” He noted the alignment between both companies and their “shared commitment to community impact.”
Beyond pay-TV, MultiChoice’s revamped Showmax is preparing to compete with global giants like Netflix and Disney+, while Canal+ is expanding its bundled streaming services across Francophone Africa.
The combined power of both platforms is expected to create an African content hub capable of negotiating top-tier sports rights and producing original African programming at scale.
Pending final steps, the deal is set to close by October 8, bolstering a media empire that spans the continent and is built for a digital-first, mobile-driven future.
