Canal+ Completes MultiChoice Takeover, Bringing Africa's TV Powerhouse Under One Roof

The MultiChoice acquisition by Canal+ has reached its final chapter, with the French media company completing the legal process that makes MultiChoice a wholly owned subsidiary. The milestone closes a takeover that unfolded over nearly two years and creates one of the largest media and entertainment groups focused on Africa. The combined company brings together pay television, streaming, sports broadcasting and content production businesses that serve tens of millions of customers across almost 70 countries.

While many reports described the acquisition as complete in September 2025, that marked the point at which Canal+ secured effective control after its mandatory offer became unconditional. The compulsory acquisition process concluded in July 2026, ending the remaining minority shareholdings and bringing MultiChoice fully under Canal+’s ownership.

Why the Deal Closed in Stages

The acquisition followed an unusually long path because of South Africa’s competition rules and broadcasting regulations.

In July 2025, South Africa’s Competition Tribunal approved the transaction subject to several public-interest conditions. Among them was the creation of LicenceCo, a ring-fenced company designed to hold MultiChoice’s South African broadcasting licences while complying with restrictions on foreign ownership.

Once those conditions were satisfied, Canal+’s takeover offer became unconditional on September 22, 2025, giving the company effective control of MultiChoice. Canal+ subsequently increased its ownership through the compulsory acquisition process before completing the final transfer of remaining shares in July 2026.

The distinction matters. Effective control allowed Canal+ to begin directing the business months before the company became a wholly owned subsidiary under corporate law.

What Canal+ Gains Across Africa

The acquisition combines two businesses that built complementary positions across the continent.

Canal+ established its strongest presence across French-speaking African markets, while MultiChoice built leading pay television businesses in South Africa, Kenya, Nigeria and other English-speaking markets. Together, the companies now operate across satellite television, streaming, sports broadcasting, film production and digital security with a customer base that spans almost 70 countries.

The enlarged group owns a portfolio that includes DStv, GOtv, Showmax, SuperSport, M-Net, Irdeto and a stake in KingMakers.

That breadth gives Canal+ greater leverage when negotiating premium sports rights and entertainment licensing while allowing the company to spread technology, production and distribution costs across a much larger business.

Canal+ has also laid out ambitious financial targets for the integration, forecasting more than €400 million in annual operating synergies by 2030 alongside more than €300 million in additional free cash flow, underscoring that the acquisition is as much about operational efficiency as market expansion.

New Leadership for the Combined Business

The takeover has also reshaped the company’s leadership.

Canal+ Group Chief Executive Maxime Saada became Chairman of the MultiChoice Board following completion of the transaction.

David Mignot now leads Canal+ Africa and oversees the integrated African operations, while former MultiChoice Group Chief Executive Calvo Mawela moved into a senior leadership role within Canal+’s African business.

The governance changes reflect Canal+’s intention to operate MultiChoice as part of a broader international media group rather than as a standalone listed broadcaster.

From Acquisition to Execution

With the legal process complete, Canal+’s attention has shifted from acquiring MultiChoice to improving its financial performance.

The company has earmarked up to €100 million for a turnaround programme centred on four priorities: strengthening local and premium content, reviewing pricing and product structures, expanding distribution, and simplifying operations across African markets. Canal+ also plans to grow its field sales network by more than 1,000 agents while reorganising technology subsidiary Irdeto as part of a broader effort to standardise operations across the continent.

The strategy also reflects a balancing act. Canal+ is pursuing tighter cost discipline while maintaining commitments made to South African competition authorities on employment and local broadcasting obligations.

Another structural change affects investors. Following MultiChoice’s exit from the Johannesburg Stock Exchange, Canal+ is pursuing its own secondary JSE listing, allowing regional investors to retain exposure to the combined media group while meeting commitments made during the regulatory approval process.

What’s Next for DStv, Showmax and SuperSport

Ownership may have changed, but subscribers are unlikely to see immediate changes overnight.

One of Canal+’s earliest decisions was to break with MultiChoice’s long-standing April pricing cycle after aligning the business with a December financial year. Instead of implementing the customary annual increase, the company held DStv prices steady in April 2026 while it reviewed its broader pricing strategy across African markets.

The company is also reassessing how streaming fits within the wider business. Canal+ executives have questioned the economics of standalone streaming platforms and have indicated that Showmax will form part of a broader review of the group’s direct-to-consumer strategy as it seeks stronger returns on investment.

Sports remain central to that strategy. SuperSport continues to anchor the group’s premium television offering, giving Canal+ one of Africa’s strongest sports broadcasting portfolios as competition for football, rugby, cricket and Formula One rights intensifies.

For investors, the acquisition completes one of the largest media transactions in African history. It closes the chapter on MultiChoice as an independent listed broadcaster while opening a new phase for Canal+, whose ambitions extend beyond satellite television into streaming, digital distribution and a more integrated pan-African entertainment business.

The acquisition itself is now complete. The next measure of success will be whether Canal+ can reverse subscriber losses, deliver the efficiencies promised to investors and build a media business that can compete with global streaming rivals while remaining relevant to African audiences.

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