Canal+ Seals $2bn MultiChoice Deal After Hurdles

Canal+ has officially completed its $2 billion acquisition of MultiChoice, ending months of negotiations and regulatory hurdles. The announcement came on Monday, 22 September 2025, confirming that all conditions had been met for the deal to go through.

The French broadcaster faced strong resistance over South Africa’s broadcasting ownership rules, which restrict foreign companies to just 20% of a licence. To comply, MultiChoice created a new company called LicenceCo, which now holds the broadcasting licence.

MultiChoice controls 20% of LicenceCo’s voting rights, while 49% of the economic interest remains under its control. The rest is shared among historically disadvantaged persons (HDPs) and other South African partners, including Phuthuma Nathi and the MultiChoice Workers Trust.

A Continental Pay-TV Giant

The approval from both the Independent Communications Authority of South Africa (ICASA) and the Competition Tribunal was vital to finalise the transaction. Job security, local content investment, and supplier diversity were among the commitments that helped the deal win support.

Employees and shareholders will also benefit from an extraordinary dividend of R1.375 billion, with portions allocated to Phuthuma Nathi and other local stakeholders. “The merger will strengthen Africa’s media landscape,” Canal+ CEO Jacques du Puy had earlier noted, adding that the combined company would widen access to diverse content across the continent.

For Canal+, the merger secures its dominance as Africa’s largest pay-TV operator. Its deep presence in French-speaking Africa now aligns with MultiChoice’s stronghold in English-speaking markets. The move comes at a critical moment, as competition intensifies with global streaming rivals such as Netflix, Amazon Prime Video, and Showmax, MultiChoice’s own platform.

Balancing Foreign Capital and Local Control

The deal is also a milestone for regulators who sought to strike a balance between foreign investment and national control. By ensuring that HDPs and local partners maintain significant ownership stakes, authorities have preserved broadcasting sovereignty while unlocking foreign capital and expertise.

MultiChoice executives have described the takeover as a necessary step to stay competitive in a fast-changing media industry. The next phase will see Canal+ integrate MultiChoice’s operations while keeping a close eye on delivering promises around employment, pricing, and investment in African storytelling.