FRENCH entertainment giant, Canal+ has received final approval to acquire MultiChoice, taking it away from the South African owners, as the merger was said to be a step closer to completion.
In a joint statement, both companies said they are on track to conclude the transaction before October 8, 2025. Canal+ triggered the deal earlier this year after surpassing the 35 per cent ownership threshold that mandates a buy-out under South African company law.
The deal required a complex set of regulatory approvals from the Competition Tribunal, Johannesburg Stock Exchange (JSE), Takeover Regulation Panel, Independent Communications Authority of South Africa (Icasa) and the Financial Surveillance Department.
With the Competition Tribunal’s green light, the merger clears its most critical regulatory hurdle. Canal+ CEO,MaximeSaada called it “a hugely positive step forward in our journey to bring together two iconic entertainment companies and create a true champion for Africa.”
The acquisition will cost Canal+ more than R30 billion in cash.While waiting for regulatory clearance, the French company continued to buy shares on the open market and as of May 2024, held a 45.2% stake in MultiChoice. To win approval, the companies agreed to a robust public interest package aimed at promoting inclusivity in South Africa’s audio-visual sector.
This includes commitments to support small and historically disadvantaged businesses, as well as ongoing investment in local entertainment and sports content. “The package will help provide a strong foundation for future success for local content creators,” the companies said in the statement.
CEO of MultiChoice Group, CalvoMawela, echoed this vision, calling the merger “a significant milestone” and “a major step forward” in building a global media powerhouse with Africa at its core. To meet South Africa’s foreign ownership restrictions in broadcasting, the companies are restructuring operations through a newly carved-out entity, MultiChoice (Pty) Ltd, also referred to as “LicenceCo.”
LicenceCo will be independently operated and majority-owned by historically disadvantaged persons (HDPs), satisfying Icasa’s requirement that licensees be at least 30% black-owned. Ownership will be split among:
The companies were quick to assure customers that the transaction would not cause disruptions to their viewing experience. In fact, subscribers could eventually see benefits from the planned investments in technology and content that Canal+ and MultiChoice intend to roll out.
“LicenceCo will continue contracting with South African subscribers, and commercial agreements with the MultiChoice Group will ensure continuity in services like content delivery, tech support, and subscriber management,” they said.
As the merger heads toward completion, both firms are positioning the combined entity as a continental force, leveraging scale and local relevance to grow Africa’s entertainment ecosystem.
