French media giant Canal+ has received formal approval from South Africa’s Competition Tribunal for its proposed R53 billion (approx. $3 billion) acquisition of MultiChoice Group, Africa’s largest pay-TV operator. The ruling represents a major regulatory milestone in one of the continent’s most consequential media mergers to date.
In a joint statement released Thursday, both companies confirmed they are on track to finalize the transaction before the long-stop date of October 8, 2025, following months of negotiations and regulatory scrutiny.
Deal Terms and Local Ownership Structure
As part of the agreement, Canal+ has extended a mandatory cash offer of ZAR 125 ($7.11) per share to acquire all remaining ordinary shares of MultiChoice not already under its control. The offer values the entire deal at just over R53 billion, reinforcing Canal+’s ambitions to deepen its presence across the African continent.
To comply with South Africa’s Electronic Communications Act, which restricts foreign ownership of broadcasting licensees, the companies have outlined a structural arrangement that will see MultiChoice’s South African broadcast operations separated into an independent entity—majority-owned by historically disadvantaged persons (HDPs).
Public Interest Commitments and Content Guarantees
The Competition Tribunal’s approval is conditional on a series of public interest undertakings, including:
- Enhanced participation of HDPs and SMMEs in the audiovisual value chain
- Continued investment in local content, including general entertainment and sports
- Safeguards to ensure employment preservation and industry skills development
These commitments are intended to ensure the deal supports South Africa’s broader socio-economic transformation agenda, while also preserving the creative integrity of the country’s broadcasting ecosystem.
Strategic Growth and Regional Expansion
Maxime Saada, CEO of Canal+, hailed the tribunal’s decision as “the final stage in the South African competition process,” signaling that the two companies can now proceed with integrating operations.
“This combination will unlock greater scale, deepen our presence in high-growth markets, and drive synergies across content creation, distribution, and digital platforms,” said Saada.
The acquisition reflects Canal+’s post-Vivendi spin-off strategy to aggressively pursue mergers and acquisitions, particularly in emerging markets where pay-TV and digital streaming are experiencing exponential growth.
Industry Implications
The Canal+/MultiChoice merger is expected to create a pan-African content powerhouse, capable of competing more effectively with global streaming platforms and reinforcing African narratives in the global media landscape. The move also aligns with broader trends in the global entertainment sector, where scale, localization, and content rights are increasingly shaping competitive dynamics.
The transaction still requires procedural steps to implement the restructuring plan and finalize integration across markets. However, with regulatory approval now secured, the deal moves one step closer to redefining the future of broadcasting in Africa.