French media giant Canal+has received conditional approval from South Africa’s Competition Tribunal, to acquire the remaining shares of DSTv’s parent company MultiChoice, Africa’s largest satellite TV provider.
Why does it matter?
Canal’s approved $2 billion takeover offer for MultiChoice is the largest media merger in African history. It will give Canal+ control over major content platforms, including DStv, Showmax, and SuperSport. The Tribunal’s approval will allow Canal+ to move towards full ownership.
A third of Canal+’s global subscribers already come from Africa. The deal gives Canal+ a unique opportunity to expand beyond Francophone Africa into Anglophone Africa, where MultiChoice already has 19.3 million subscribers.
ICYMI:
Canal+ initially got a 6.5% stake in 2020 and steadily increased it to 41.6% by April 2024. According to South African rules, exceeding the 35% threshold meant that the French media company had to make a mandatory offer to buy all the shares it didn’t already own. By December 2024, it made an offer of R125 ($7.14) per share for Multichoice. The deal had received an approval recommendation from the Competition Commission in May 2025, but was now subject to approval by the Competition Tribunal.
State of play:
The tribunal’s approval is subject to some key conditions: a R26bn ($1.48 million) package that supports the participation of firms managed by Historically Disadvantaged Persons (HDP) and SMEs in South Africa’s audio-visual industry for the next three years. MultiChoice Group will also establish a new domestic unit called LicenceCo to meet a regulatory requirement that prohibits foreign entities from owning more than 20% of a South African broadcasting licence.
Big picture:
Canal+‘s acquisition of MultiChoice plays into its broader strategy to increase its subscriber base and position itself as a global media contender by expanding across Africa and Asia markets. For MultiChoice, this acquisition could bring essential capital to boost some of its ventures and local innovation needed to ensure its continued success in an increasingly competitive environment.
