Canal+ Completes $3 Billion Acquisition of MultiChoice: Reshaping Africa’s Pay-TV and Media Landscape”

After obtaining shareholder approval and overcoming all regulatory obstacles, Canal+ the French media behemoth has completed its $3 billion acquisition of MultiChoice, a pay-TV provider in South Africa. On Monday, September 22, 2025, the months-long agreement was deemed unconditional.

The broadcaster, which is owned by Vivendi SE, announced on Monday that it directly owns 46% of MultiChoice and has received acceptances for an additional 2.2% of the South African company’s shares. Each share of the deal is valued at around 125 rand. Canal+’s stake will be further increased by all remaining shares tendered into the offer, which ends on October 10.

MultiChoice Group, a prominent African entertainment company, announced significant board changes and a change in its fiscal year-end. Best known for its satellite TV services under the DStv brand, recently saw a majority acquisition by Canal+, a significant French media company.

With 17,000 employees and over 40 million subscribers in almost 70 countries in Africa, Europe, and Asia, the takeover establishes a pay-TV powerhouse. Additionally, it strengthens Canal+’s scale against international streaming competitors and provides it with the long-sought entry point into Africa’s rapidly expanding media market.

A new leadership structure and board

• MultiChoice has reorganized its board to reflect the new ownership structure. The board is now chaired by Canal+ CEO Maxime Saada, with Elias Masilela serving as the lead independent director.

• Nicolas Dandoy is now the chief financial officer, and David Mignot has assumed the role of chief executive officer. Additionally, Jacques du Puy has become an executive director on the board.

• Masilela, Kgomotso Moroka, Louisa Stephens, Deborah Klein, and James du Preez, who were previously non-executive directors, make up the majority of the new board.

• Former CEO Calvo Mawela, former CFO Timothy Jacobs, Dr. Fatai Sanusi, Christine Sabwa, and Andrea Zappia have all resigned as a result of the reorganization.
  
  

As confirmed Canal+’s African operations, including MultiChoice, will be managed by Mignot and Dandoy. Jacobs will remain in a senior finance position within the merged company, while Mawela will chair these African operations despite resigning as CEO of MultiChoice.

Change in the fiscal year-end

MultiChoice has announced that, in addition to governance changes, it will switch from its previous March 31 year-end to align its financial year-end with Canal+’s December 31 cycle. Due to this modification, MultiChoice will:

• Three months after that, interim results for the six months ending September 30, 2025, should be published.

• Within three months, publish the audited results for the nine months that ended on December 31, 2025.

• Within four months, publish an integrated annual report that includes audited financial statements for the nine months ending December 31, 2025, along with a notice of the annual general meeting.

A major force in entertainment worldwide

Canal+ CEO new Maxime Saada commented on the integration, calling the purchase a significant step toward creating a “real global media and entertainment powerhouse.”

He emphasized that the merger would solidify the company’s position as the market leader in Europe and expand its reach into Africa, one of the pay-TV regions with the fastest rate of growth.

Saada stated, “This combination increases our ability to invest in creative and sporting content throughout Europe, Africa, and Asia.”

“We will leverage the diverse talent across the group to bring compelling local and international stories to life, supported by STUDIOCANAL and our global platforms. We are now positioned to deliver greater value for all stakeholders,” he continued.

The deal represents a dramatic change in the media landscape of Africa, establishing Canal+ as the leading pay-TV provider in the area while providing MultiChoice with access to more extensive resources and a global audience.

Key elements of the agreement and wider consequences:

1. Content and Service Synergies: While maintaining a robust local content offering, the agreement may result in a more competitive and varied content offering for African consumers, one that may include international channels, movies, and television shows from Canal+ and other partners. The acquisition of shared content may also result in cost savings.

• Competition and Market Dynamics: As international OTT platforms like Netflix and Amazon Prime Video have been expanding their presence in Africa, the move may intensify competition between DStv and other regional providers like StarTimes.

• Regulatory Oversight: Due to the magnitude of the transaction, MultiChoice’s acquisition will probably be closely examined by regulators in South Africa and other nations where it conducts business. They will evaluate the impact of this consolidation on market competition and consumer choice.

• Impact on Investment and Shareholders: Such a big acquisition frequently results in a period of uncertainty for investors, but it also presents opportunities for growth. Although there are risks associated with integration, Canal+’s experience could increase operational effectiveness and create new revenue streams.
  
  
  

In your opinion, will this acquisition increase competition in the African media market, or might it result in monopolistic practices?