French entertainment giant Canal+ has successfully acquired full ownership of Africa’s largest pay-TV provider, MultiChoice Group in a deal valued at $3 billion.
The acquisition, which has been months in the making, culminated on Tuesday, July 23, 2025, following the approval of South Africa’s Competition Tribunal.
This landmark regulatory greenlight paves the way for Canal+ to increase its stake from a minority holding to complete control over the South African-based broadcaster, which owns major platforms like DStv, GOtv, Showmax, SuperSport, and Africa Magic.
The tribunal’s decision came with several public interest conditions, including commitments to local content investment, skills development and continued South African ownership compliance.
Canal+ is expected to inject R26 billion (approximately $1.4 billion) into the region over the next three years.
“This is a transformative moment,” Maxime Saada, CEO of Canal+ said.
She also noted that the deal will expand the company’s reach into English- and Portuguese-speaking markets across Africa, complementing its existing French-language footprint on the continent.
To comply with South Africa’s Electronic Communications Act, which caps foreign ownership of broadcasting licensees at 20%, a new entity; LicenceCo will be created.
This company will hold the necessary broadcast licenses and be majority-owned by historically disadvantaged persons and employees of MultiChoice, ensuring that South African interests remain protected under the law.
Canal+ initially began increasing its stake in MultiChoice in 2020 and made a formal offer earlier this year to acquire the remaining 55% of shares.
The approval now means that by October 8, 2025, Canal+ will assume full operational control of MultiChoice.
The deal represents one of the largest media acquisitions in African history and signals an intensified global competition in the continent’s entertainment space.
