Marking a major shift in Africa’s media industry, French broadcasting powerhouse Canal+ has completed a $3 billion acquisition of South Africa’s MultiChoice Group, taking full ownership of leading pay-TV platforms DStv and GOtv.
The acquisition received the green light from South Africa’s Competition Tribunal on Wednesday, July 23, 2025 after a long-anticipated takeover.
The deal, valued at approximately 55 billion rand, was confirmed following months of regulatory scrutiny and negotiations.
Canal+, which already held a 45.2% stake in MultiChoice, moved to acquire the remaining shares after investing €1.2 billion ($1.3 billion) since 2020.
The transaction is expected to close by October 8, 2025, pending final approval from the Independent Communications Authority of South Africa.
In an official statement released via the Johannesburg Stock Exchange on Wednesday, Canal+ CEO Maxime Saada expressed optimism about the merger’s potential.
He said, “The approval by South Africa’s Competition Tribunal marks the final stage in the South African competition process and clears the way for us to conclude the transaction in line with our previously communicated timeline. This acquisition represents a significant step in expanding our presence across Africa, particularly in English-speaking markets.”
The move comes as Canal+ seeks to bolster its foothold in the continent’s blooming media sector, leveraging MultiChoice’s 40-year legacy and its extensive subscriber base of nearly 50 million across Africa.
MultiChoice, which was spun off from Naspers in 2019, has been a dominant player in the pay-TV market, offering a wide array of local content and sports programming through DStv and GOtv.
MultiChoice Chairman Elias Masilela hailed the deal as a vote of confidence in the company’s growth strategy.
“The offer from Canal+ endorses MultiChoice’s 40-year track record and our compelling continental growth strategy. It is gratifying to note that foreign investors share our view that South Africa and Africa remain attractive growth markets,” Masilela stated.
To comply with South African regulations limiting foreign ownership of broadcasting licences to 20%, MultiChoice has established a new entity, dubbed LicenceCo, to hold its domestic broadcasting licence independently.
The Competition Commission had earlier recommended the deal’s approval with conditions, including commitments to invest in local audiovisual content and promote South African productions in new markets.
