Acquisition of Africa's Leading Pay-TV Company, MultiChoice, Clears Final Barrier by Canal+
Canal+ Acquires Majority Stake in MultiChoice Group, Positioning Them as a Global Streaming Rival
Canal+, the French media conglomerate, has made a significant move in the African media landscape by acquiring full ownership of MultiChoice Group, Africa’s largest pay-TV operator. The deal, approved by the South African Competition Tribunal on July 23, 2025, is worth approximately $3 billion (55 billion rand) and is expected to close by October 8, 2025 [1][3][4].
The acquisition marks a strategic step for Canal+, as part of their broader M&A push post-Vivendi spin-off. The deal positions Canal+ to rival global streaming players, offering a wider range of content to a diverse African audience.
Key conditions and commitments tied to the acquisition include a $1.4 billion (26 billion rand) investment commitment over the next three years aimed at public interest priorities, such as supporting South African media sovereignty and the local creative ecosystem [2][3][4]. MultiChoice’s headquarters will remain in South Africa to ensure ongoing local operational and management presence [2][3].
The deal also promises continued and enhanced funding for South African general entertainment and sports content, which supports local content creators and production companies [2][3]. Additionally, there is a commitment to support and promote historically disadvantaged persons (HDPs), as well as small, micro, and medium enterprises (SMMEs) in the South African media industry [2][4]. A three-year employment protection guarantee for MultiChoice staff is also part of the agreement [4].
The merger creates a multilingual media powerhouse by combining Canal+’s French-language content with MultiChoice’s dominant English and Portuguese offerings, serving diverse African markets across West, East, Southern, and Portuguese-speaking Africa [1][2]. The combined entity will leverage scale economies, reducing content acquisition costs and enhancing competitiveness against global streaming giants like Netflix and Amazon Prime Video [2].
Canal+ gains a dominant position in African sports broadcasting through MultiChoice’s flagship SuperSport channels, underpinning its local sports content offering [2]. The deal expands Canal+’s reach to a combined subscriber base of approximately 22.5 million (adding MultiChoice’s 14.5 million subscribers to Canal+’s existing 8 million across 25 countries), with ambitions to grow towards 50 to 100 million subscribers in the coming years [1].
Calvo Mawela, MultiChoice CEO, agrees that the decision is a significant milestone that aligns with the companies' shared vision and commitment to community and content impact [5]. Maxime Saada, Canal+ CEO, states that the decision allows both firms to move forward and realize greater scale and operational synergies [6]. The deal reinforces Canal+'s ambitions to dominate the African media landscape.
The tribunal’s decision marks the final stage in the South African competition process [7]. The acquisition is intended to transform Canal+ into Africa’s leading pay-TV provider, strengthening local content production, protecting the South African media industry’s public interest, and creating a stronger pan-African media contender against international streaming services [1][2][3][4].
[1] BusinessTech. (2025). Canal+ to acquire 100% stake in MultiChoice for $3bn. [online] Available at: https://businesstech.co.za/news/tech/562635/canal-to-acquire-100-stake-in-multichoice-for-3bn/
[2] MyBroadband. (2025). Canal+ to invest $1.4bn in South Africa over three years. [online] Available at: https://mybroadband.co.za/news/tv-streaming/431870-canal-to-invest-14bn-in-south-africa-over-three-years.html
[3] Fin24. (2025). Canal+ to acquire MultiChoice for $3bn. [online] Available at: https://www.fin24.com/Companies/Media/Canal-to-acquire-MultiChoice-for-3bn-20250723
[4] IOL. (2025). Canal+ to acquire MultiChoice for $3bn. [online] Available at: https://www.iol.co.za/business-report/companies/canal-to-acquire-multichoice-for-3bn-3c90f6f8-b076-496e-a8d0-d56a6e408243
[5] BusinessTech. (2025). MultiChoice CEO on Canal+ deal: This is a significant milestone. [online] Available at: https://businesstech.co.za/news/tech/562636/multichoice-ceo-on-canal-deal-this-is-a-significant-milestone/
[6] Fin24. (2025). Canal+ to acquire MultiChoice for $3bn. [online] Available at: https://www.fin24.com/Companies/Media/Canal-to-acquire-MultiChoice-for-3bn-20250723
[7] Fin24. (2025). Canal+ to acquire MultiChoice for $3bn. [online] Available at: https://www.fin24.com/Companies/Media/Canal-to-acquire-MultiChoice-for-3bn-20250723
In this scenario, the acquisition of MultiChoice Group by Canal+ signals a strategic expansion of Canal+'s business interests, particularly in the finance sector, as they invest $1.4 billion over the next three years in South Africa. This move positions Canal+ to rival global streaming players in the business of content production and distribution. The acquisition also underscores Canal+'s ambitions to dominate the African media landscape financially and operationally.
