MultiChoice's South African ownership transitions to Canal+ after regulatory approval is granted
In a significant move for African media, the South African Competition Tribunal has conditionally approved the acquisition of MultiChoice by Canal+. The deal, valued at $2.9-$3 billion (ZAR 55 billion), is set to bring together two iconic media and entertainment companies, creating a combined group with enhanced scale and greater exposure to high-growth markets.
Public-Interest Conditions
The approval comes with several public-interest conditions aimed at protecting local market interests and ensuring media plurality. Key conditions include a significant investment in local content, protection of media plurality and access, and ongoing monitoring.
Canal+ has committed to spend approximately ZAR 26 billion over the next three years on initiatives aligned with South Africa’s public interest, specifically to maintain and enhance funding for local general entertainment and sports content. This commitment is designed to support South African content creators and sustain local production ecosystems.
During the hearing, concerns were raised about the potential impact on media plurality, freedom of expression, and access to information. The Tribunal, advised by stakeholders such as Media Monitoring Africa, incorporated monitoring provisions into the merger conditions to ensure these constitutional rights are safeguarded.
The conditions also include mechanisms for better monitoring and compliance, reflecting input from civil society and industry players who emphasized the importance of transparency and accountability in the merged entity’s operations.
Timeline for Completion
The deal is expected to be finalized by October 8, 2025, provided Canal+ and MultiChoice meet all imposed merger conditions by that date. The approval follows months of negotiations and regulatory reviews, reflecting the complexity and significance of the transaction in the African media landscape.
The Competition Tribunal approved the merger on July 23, 2025.
The Combined Group
The combined group from the acquisition will continue to operate in 50 countries across sub-Saharan Africa, with MultiChoice's 14.5 million subscribers and Canal+'s 8 million subscribers. The South African Competition Tribunal has kept MultiChoice's headquarters in South Africa.
The acquisition values MultiChoice at $3.0 billion (2.6 billion euro) with a mandatory share offer of 125 rand (6 euros) per share. Shares in Canal+ climbed 1.3 percent in trading in London, and are up 12.8 percent this year.
Maxime Saada, CEO of Canal+, is excited about the potential benefits for all stakeholders from the acquisition. He sees it as a major milestone in African media, with Canal+ and MultiChoice emphasizing their commitment to local content and public-interest objectives as part of the transaction.
Summary
The merger marks a significant step forward for African media, bringing together two iconic companies with a combined subscriber base of over 22 million. The public-interest conditions include commitments to invest in local content, support local creators, and maintain fair competition in the market. The deal is expected to be concluded by October 8, 2025, subject to the parties meeting all imposed conditions.
| Aspect | Details | |-----------------------------|-------------------------------------------------------------------------| | Deal Value | $2.9–3 billion (ZAR 55 billion) | | Key Condition | ZAR 26 billion investment in local content over 3 years | | Other Conditions | Safeguards for media plurality, access to information, ongoing monitoring| | Tribunal Approval Date | July 23, 2025 | | Expected Completion Date | By October 8, 2025 (if all conditions met) |
[1] The Citizen [2] BusinessLive [3] IOL [4] Fin24
- The merged entity, which operates in 50 countries across sub-Saharan Africa, will invest significantly in local content, committing to spend approximately ZAR 26 billion over the next three years, focusing on general entertainment and sports content.
- In the realm of finance, the transaction is valued at $2.9-$3 billion (ZAR 55 billion), a deal that encompasses sectors such as entertainment and sports, reflecting the significance of the merger in the African media landscape.
