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.