The company said eligible users will get free access to DStv Stream Compact from April 1 until the end of May. After that, they can continue at R99 ($5.90) a month for 12 months. The standard price is R299 ($17.83).

The offer is aimed at keeping viewers as Showmax closes on April 30. From that date, all content, including Showmax Originals, will sit on DStv Stream.

Subscribers must sign up for DStv Stream, create a new profile and follow instructions sent to their registered email. MultiChoice said the process takes less than five minutes, but it still requires users to opt in.

That step could affect how many people make the switch. The company has not shared current Showmax subscriber numbers, so it is not known how many users may drop off.

The R99 price is lower than several competitors. It sits below Netflix’s standard plan in South Africa and includes live sport through SuperSport, which other platforms do not offer. DStv Stream also combines live TV, films, series and children’s content in one app.

Still, the discount lasts for a year. After 12 months, the price returns to R299 a month. That jump could test how many customers stay on beyond the promotional period.

The offer comes with conditions. Subscribers must keep their accounts active and payments up to date throughout the 12 months. If payments lapse, the price resets to the standard rate.

The promotion is open to Showmax users who do not already have an active DStv subscription and who pay for Showmax directly. Existing DStv Compact, Compact Plus and Premium customers are excluded, as they already have access to Showmax content on DStv Stream at no extra cost.

Customers who decide not to move can request a refund for any unused portion of their Showmax subscription. Automatic payments will stop once the platform shuts down.

MultiChoice is also using the transition to push new and returning content on DStv Stream. These include the true-crime series The People vs VBS, available from 1 April, the final episode of Die Kantoor on 14 April, and a live broadcast of the Soweto Derby on 26 April.

The company disclosed the plan on Wednesday as it reported stronger-than-expected core earnings for 2025, trusting Africa’s long-term growth potential despite competition in the region’s media and streaming market.

Canal+ said earnings before interest, tax, depreciation and amortisation (EBITDA) reached 527 million euros ($613 million) in 2025, beating its earlier forecast of 515 million euros.

The combined Canal+ and MultiChoice group generated 8.665 billion euros in revenue during the year and now serves 42.3 million subscribers across operations in Europe, Africa and Asia.

Africa expansion plan

Following its takeover of MultiChoice, Canal+ said it would roll out a 100-million-euro investment programme aimed at strengthening the business in African markets.

The plan includes improving content offerings, simplifying subscription packages and expanding the company’s sales network by recruiting more than 1,000 sales agents across the continent.

The hiring drive comes as MultiChoice’s subscriptions decline. The company’s subscriber base fell from 14.9 million to 14.4 million in 2025, due to economic challenges in key markets and competition from global streaming platforms.

Canal+ CEO Maxime Saada has previously described Africa as a major growth opportunity for the group, saying the company intends to build on MultiChoice’s strong regional presence.

Showmax shutdown and restructuring

Earlier this week, Canal+ confirmed it would discontinue Showmax, the streaming platform previously operated by MultiChoice, after the service struggled to reach profitability.

Launched in 2015, Showmax was created as a pan-African streaming service designed to compete with international platforms such as Netflix, Amazon Prime Video and Disney+.

However, losses from the service increased in recent years, with MultiChoice reporting an 88% jump in trading losses before the takeover.

Alongside the expansion effort, Canal+ said it would introduce a voluntary severance programme for certain support roles at MultiChoice as part of a broader restructuring plan.

For 2026, Canal+ expects moderate organic revenue growth, with adjusted EBIT projected to reach about 565 million euros.

The company also forecast cash flow from operations above 500 million euros and an adjusted EBIT margin exceeding 9%.

While MultiChoice’s revenue may decline slightly this year, Canal+ said profitability is expected to improve, with adjusted EBIT forecast to rise to around 170 million euros.

Canal+ completed its $3 billion acquisition of MultiChoice in September 2025, creating one of the largest pay-TV groups operating across Africa, Europe and Asia.

The company said it will present a detailed integration and growth strategy for the combined business in a strategic update expected in early 2026.

From Signal Box to Stock Symbol

MultiChoice began life in 1985 with the launch of M-Net. Over decades it turned from a pioneering pay-TV upstart into a household name across the continent, thanks to DStv, Showmax, signature sports packages, and a string of prime-time hits.

That journey made MultiChoice a symbol of Africa’s media growth: from the grainy decoders of the ’90s, through the age of satellite dishes, to the streaming ambitions of the 2020s. But on December 10, 2025, that symbol will vanish from public markets.

The Takeover That Changed Everything

Behind this shift is a takeover by Canal+, the French media powerhouse, which, after nearly two years of negotiations, has finally completed its acquisition of MultiChoice.

With more than 90% of MultiChoice shares tendered in the offer, Canal+ triggered a “squeeze-out,” compelling the remaining minority shareholders to relinquish their stakes under the terms of the takeover.

That squeeze-out has paved way for the delisting, which was scheduled to take effect from December 10, 2025, pending regulatory sanctions from the JSE, the A2X market, and the South African Reserve Bank.

What This Means for Viewers and the Industry

For millions of DStv and Showmax subscribers across Africa, the delisting might not feel like much at first: streaming, live sports, and premium content continue. But behind the scenes, the shift represents something deeper:

• Local investors lose direct ownership. Once a listed company, MultiChoice’s shares were accessible to South African and regional investors alike. With the delisting, local investors no longer hold direct stakes, they now own parts of a larger foreign-controlled entity.
• Strategic consolidation of media power. Canal+ now controls one of Africa’s largest pay-TV and streaming footprints, combining MultiChoice’s legacy reach with its own global resources, sports rights, and content networks. Analysts see this as a significant consolidation in global media markets.
• A possible rebirth, not an end. Canal+ has committed to a “secondary inward listing” on the JSE within nine months of delisting. That could restore some investor access — but under very different management, strategy, and possibly corporate identity.

A Shift Beyond Business

For many across Africa, MultiChoice wasn’t just a company, it was culture. Saturday afternoon football on DStv, Friday-night movies, the first local Nollywood drama on cable, the early days of Showmax streaming.

For a generation it was part of home. Its delisting is symbolic: a sign that the “old guard” of African pay-TV is handing off the baton to a global media conglomerate.

But as one door closes, another may open. With Canal+’s backing, there is potential for deeper investments, in local content, infra-structure, and cross-continental reach. Whether audiences embrace that future or mourn the end of an era will depend on how this legacy is managed.

Well…

The last trading day for MultiChoice’s shares doesn’t just mark a corporate milestone, it signifies a turning point in Africa’s entertainment story.

The exit from the JSE closes a chapter.

The new ownership under Canal+ might begin a new one. For millions of viewers, investors, and media lovers, it’s a bittersweet farewell, and an uncertain, but potentially promising, new beginning.

This comes after Canal+ secured a 94.39% stake in MultiChoice, completing one of the largest transactions in Africa’s media industry. Its buyout offer of R125 per share was accepted by more than 90% of MultiChoice shareholders, giving the French company legal grounds to execute a “squeeze-out” of the remaining investors in accordance with section 124(1) of South Africa’s Companies Act.

“Upon the exercise of the squeeze-out, MultiChoice Group will become a wholly-owned subsidiary of Canal+, and an application will be made for the termination of the listing of MultiChoice Shares on the JSE,” the companies said in a joint statement.

Once the delisting process is completed and approved by the South African Reserve Bank, Canal+ will initiate a secondary inward listing on the JSE. 

The group, which was listed on the London Stock Exchange in 2024 under parent company Vivendi SE, said the new listing will enable South African investors to retain access to its expanded global operations.

“A secondary inward listing will preserve South African investor access and market liquidity, allowing local investors to hold shares in a leading global media and entertainment company on the JSE,” the company stated. 

“It will broaden the investor base of Canal+, reinforce the company’s long-term commitment to South Africa and Africa’s creative economy, and support continued institutional exposure to the media sector.”

The $3 billion acquisition is the largest in Canal+’s history, establishing a combined entity that serves more than 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia. 

The integration of MultiChoice’s regional dominance with Canal+’s global reach marks a major consolidation in the continent’s pay-TV and streaming industry.

“We are pleased with the overwhelming success of the offer,” said Canal+ Chief Executive Officer Maxime Saada. “Following this outcome, we will be moving ahead with a squeeze-out of MultiChoice shareholders and a subsequent secondary inward listing of CANAL+ in Johannesburg.”

Saada reaffirmed that the company’s expansion into Africa was driven by a strategic and cultural commitment. “Given the important role Canal+ will now play in South Africa and across the African continent, I believe it to be critically important that domestic investors have the ability to have exposure to it,” he said.

The acquisition is expected to boost investment in Africa’s creative industries, with Canal+ positioning itself as a long-term player in the region’s fast-evolving entertainment sector. 

As integration begins, both firms plan to announce changes to their executive structures to reflect the merger of operations and leadership across markets.

With this move, Canal+ strengthens its presence in Africa and also cross-continental media collaboration, uniting European capital with African creativity in a rapidly globalising entertainment industry.

The reshaped entity, which covers the entire continent including French-speaking territories, will operate under a unified management framework.

At the helm, Calvo Mawela, outgoing CEO of MultiChoice, takes on the role of chairman of CANAL+ Africa, while David Mignot has been appointed Chief Executive Officer (CEO) of the combined business.

Mignot described the appointments as a milestone for Africa’s media and entertainment sector:

“We have an incredible Africa leadership team with an exceptional track record across the continent and within the global group. Working together, we will deliver growth across the continent by telling unique, high-quality African stories, bringing great international content to our subscribers, and leveraging our scale across the global company. With seven nationalities represented, this team brings diversity, knowledge, and networks to deliver best-in-class services and content for our subscribers, enabled by commercial and technical excellence.”

Unified Structure

The leadership team will operate as a single management body across Africa, organized into three core divisions:

• Operations (TV and fiber activities)
• Content
• Corporate Functions

C+ Africa Leadership Appointments

• David Mignot – CEO, Africa
• Nicolas Dandoy – CFO, Africa
• Aziz Diallo – CEO, PayTV French-speaking Africa
• Byron du Plessis – CEO, PayTV South Africa
• Fhulufhelo “Fhulu” Badugela – CEO, PayTV Rest of Africa
• Jean-François Duboy – CEO, GVA
• Hennie Visser – Director, Business Operations, Africa
• Fahmeeda Cassim-Surtee – CEO, Advertising and Media Sales, Africa
• Fabrice Faux – Director, Content, Sport & General Entertainment (French-speaking Africa)
• Nomsa Philiso – Director, Content, General Entertainment (English & Portuguese-speaking Africa)
• Rendani Ramovha – Director, Content, Sport (English & Portuguese-speaking Africa)
• Clément Hellich-Praquin – General Secretary, Africa
• Jean-Christophe Ramos – Director, Public Affairs (French-speaking Africa)
• Keabetswe Modimoeng – Director, Public Affairs (English & Portuguese-speaking Africa)
• Michel Sibony – Chief Value Officer, Africa
• Karim Bouzid – Director, Integration, Africa
• Hala Saab – Director, Brand & Communication, Africa
• Sabelo Mawali – Chief Technology Officer, Africa
• Tshepi Malatjie – Director, Human Resources, Africa
• Steven Budlender – Head of Legal Affairs (English-speaking Africa)
• Timothy Jacobs – Head of Synergies, Finance

The new team, equally drawn from the talent pools of both CANAL+ and MultiChoice, underscores the companies’ ambition to strengthen their leadership in the African pay-TV and streaming market, bringing together local expertise with global scale.

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.

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.

The new deadline is now set for 8 October 2025, instead of the initial 8 April timeline.

The merger, which would be Canal+’s largest acquisition to date, aims to strengthen its presence in Africa, particularly in English-speaking markets. The company has been expanding aggressively since separating from its former parent company, Vivendi, in December 2024.

Announcing the extension on Tuesday, Canal+ CEO Maxime Saada said, “The timing of this transaction is critical and we will continue working tirelessly to ensure finalisation within this timeframe.” Both Canal+ and MultiChoice confirmed that while the approval process is still ongoing, the terms of the acquisition remain unchanged.

While the MultiChoice deal is expected to enhance Canal+’s growth prospects, the company has forecasted a decline in revenue for 2025. 

This is attributed to the discontinuation of its free-to-air French channel C8 and the end of key third-party distribution agreements, including one with Disney. 

Nonetheless, Canal+ expects moderate growth in subsequent years, even without factoring in the potential impact of the MultiChoice acquisition.

In its latest financial report, the Paris-based company recorded a 2.3% increase in revenue for 2024, reaching €6.4 billion, alongside a 4.2% rise in adjusted earnings before interest and taxes (EBIT) to €503 million.

Since debuting on the London Stock Exchange in December 2024, Canal+ shares have taken a hit, dropping by 40%—a decline analysts attribute to limited clarity on the company’s future strategy and considerations over the pending MultiChoice deal. 

However, the broadcaster remains focused on growing its subscriber base, with a target of reaching 100 million subscribers globally.

As of 2024, Canal+ had 26.93 million subscribers, with 17.24 million in Europe and 9.69 million in Africa and Asia. The company is moving its business model towards direct-to-consumer subscriptions, which now account for a significant portion of its revenue.

This downturn comes as local currencies have been unstable, added to power disruptions, and a weak consumer environment heightened by rising inflation and high interest rates, ultimately affecting MultiChoice.

Despite these difficulties, the company has expanded and is currently the subject of a takeover bid by France’s Canal+.

MultiChoice’s financial performance has been impacted by adverse macroeconomic conditions. Group revenue declined by 5% to 56 billion rand, despite an organic increase of 3%. 

The group’s trading profit saw a 21% decline to 7.9 billion rand, influenced by a 4.5 billion rand impact from foreign exchange weaknesses. Again, a 9% drop in overall active subscribers further compounded the financial strain, with the Rest of Africa business experiencing a sharper 13% decline, particularly in Nigeria, Angola, and Zambia.

In South Africa, where the subscriber base decreased by 5%, the company faced 275 days of rolling power cuts, discouraging potential subscribers lacking backup power solutions. The challenging economic environment also led to a 20% decrease in adjusted core headline earnings to 1.3 billion rand.

Despite the financial setbacks, MultiChoice successfully launched Showmax 2.0, SuperSportBet, and Moment, contributing to future growth prospects. Showmax, relaunched across 44 markets in sub-Saharan Africa, reported a 22% revenue growth to 1 billion rand, with an encouraging increase in the paying subscriber base.

CEO Calvo Mawela noted the group’s resilience and strategic clarity, stating, “Our three core segments—video entertainment, interactive entertainment, and fintech—are now fully operational. Our focus now shifts to building on these solid foundations to drive growth in these new areas and further enhancing business efficiency across our operations.”

MultiChoice remains Africa’s largest producer of original content, with over 6,500 hours produced in FY24, expanding its local content library to over 84,000 hours. Highlights included the premiere of “Shaka Ilembe,” which became Africa’s biggest TV series, and the continued success of SuperSport, broadcasting 34,490 live events during the year.

In April 2024, Canal+, a subsidiary of the Vivendi group led by billionaire Vincent Bollore, made an offer to acquire all MultiChoice shares it does not currently own, upping an earlier rejected bid to 125 rand per share. Canal+ already holds over 35% of MultiChoice’s shares and sees this acquisition as a strategic move to enhance its presence in English-speaking and Portuguese-speaking African markets.

Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers. The takeover bid is currently under review by an independent board appointed by MultiChoice, which deemed the offer “fair and reasonable.”

Moving forward, MultiChoice plans to focus on scaling its new services, including Showmax, Moment, and SuperSportBet, while continuing to develop local content and sports renewals. The company also aims to enhance its cost-saving initiatives, targeting an additional 2 billion rand in savings to mitigate the ongoing impact of currency volatility and consumer weakness.

“The strength of our team and the clarity of our strategy underpin my confidence in delivering on our potential,” said Mawela. “We will continue to adapt our platforms to cater to customers’ evolving needs, positioning us well to prosper once currencies stabilize and economies rebound.”

The rejection comes after Canal+ proposed a premium bid to acquire MultiChoice at R31.7 billion ($1.6 billion), to expand its global footprint and bolster MultiChoice’s international presence.

Canal+’s offer, announced on Thursday, proposed acquiring MultiChoice shares at 105 rand ($5.55) each, representing a 40% premium over MultiChoice’s closing share price of 75 rand on January 31. Despite the allure of the premium bid, MultiChoice’s board concluded that the offer undervalues the company and its future prospects.

In a statement released to the Johannesburg Stock Exchange, MultiChoice affirmed its decision, asserting that the proposed offer price fails to adequately reflect the true value of the group, particularly when considering its potential for future growth and synergy opportunities. While the board remains open to maximizing shareholder value, it made clear that Canal+’ offer does not provide a basis for further engagement at the proposed price point.

Canal+, which currently holds a 31.67% stake in MultiChoice, escalated its stake to 35.01% following the offer announcement, prompting MultiChoice to request the Takeover Regulation Panel to adjudicate whether a mandatory offer should be extended to all ordinary shareholders in compliance with the Companies Act.

Analysts speculate that Canal+ may not interpret MultiChoice’s rejection as an indication to abandon its pursuit, especially considering its persistent efforts to increase its stake in the company since 2020. With Vivendi’s familiarity with hostile takeovers and the complexities involved, Canal+ could pursue alternative strategies to bolster its position in MultiChoice.

Per South African regulations, any stake exceeding 35% would necessitate Canal+ to make a mandatory offer to MultiChoice shareholders, potentially catalyzing further developments in the unfolding situation.