French media giant Canal+ has received final approval from South Africa’s Competition Tribunal to acquire pay-TV heavyweight MultiChoice, bringing one of Africa’s biggest media mergers a step closer to completion.
In a joint statement released Wednesday, both companies said they are on track to conclude the transaction before the long-stop date of October 8, 2025.
Canal+ triggered the deal earlier this year after surpassing the 35% ownership threshold that mandates a buyout under South African company law.
The French firm offered R125 per share, valuing MultiChoice at over R55 billion.
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.
“The package will help provide a strong foundation for future success for local content creators,” the companies said in the statement.
Calvo Mawela, CEO of MultiChoice Group, 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:
Canal+ will have limited voting rights capped at 20% in accordance with South African broadcasting laws.
The MultiChoice Group will maintain a 49% economic interest and 20% voting stake in LicenceCo.
The rest of MultiChoice’s operations and assets will remain within the existing Group structure.
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 media force, leveraging scale and local relevance to grow Africa’s entertainment ecosystem.