Canal+’s R55-Billion Takeover of MultiChoice Approved. What It Means for South Africa

A French media giant is taking the reins of South Africa’s biggest pay-TV brand, but it’s not just about business. It’s about Africa’s storytelling future.

The stage is set for one of the most ambitious shakeups in African media history. This week, the Competition Tribunal of South Africa officially gave the green light to Groupe Canal+’s multibillion-rand acquisition of MultiChoice, the homegrown entertainment behemoth behind DStv and Showmax.

And it’s not just a corporate deal. It’s a cultural turning point.

The Money Moves Behind the Mega Merger

Valued at over R55 billion, the deal sees Canal+ offering R125 per share to fully acquire MultiChoice, a move that was triggered after the French company quietly amassed more than 35% of MultiChoice’s shares on the open market. That mandatory offer threshold forced their hand, and now the companies say they expect the deal to close by 8 October 2025.

Canal+ will pay over R30 billion in cash. As of May 2024, it already owned 45.2% of MultiChoice, according to the latest report from the Takeover Regulation Panel.

But this isn’t just about market share. It’s about influence and content.

Why This Matters: Africa’s Stories on Africa’s Terms

A major concern among South African creatives and cultural commentators was whether foreign ownership might sideline local stories in favour of international programming. But Canal+ and MultiChoice say they’re committed to the opposite.

As part of the Tribunal’s conditions, both companies have agreed to a set of binding public interest commitments. These include maintaining and possibly expanding, support for local general entertainment and sports programming.

In a country where soapies like Gomora and Skeem Saam are household staples and local football drives weekend TV ratings, that commitment could be a game-changer for the creative industry.

“It’s not just about television. It’s about preserving our culture,” one Johannesburg-based screenwriter told CityScene. “If this deal boosts funding for local productions, we all benefit, from the actors to the auntie who sells snacks outside set gates.”

Empowerment at the Core: Who Really Owns MultiChoice Now?

To meet South African foreign ownership laws, a unique restructuring is underway. The MultiChoice entity that serves local subscribers will be carved out and transformed into a majority Black-owned and controlled company.

This isn’t just a tick-box empowerment scheme. The aim is to ensure historically disadvantaged persons (HDPs) a category shaped by South Africa’s apartheid past, have real ownership and influence in the reimagined business.

For local entrepreneurs and small-to-medium content producers, that could open doors that previously seemed bolted shut.

A New Giant in African Media?

Canal+ CEO Maxime Saada called the approval “a hugely positive step forward” and painted a bold vision for the continent’s entertainment future: “This is about creating a true champion for Africa.”

MultiChoice Group CEO Calvo Mawela echoed the optimism: “We’re not just merging companies. We’re building something extraordinary, a global media company with Africa at its heart.”

It’s a lofty promise, but there’s reason for cautious optimism. Both companies have deep African footprints. MultiChoice brings decades of local experience, while Canal+ has been expanding aggressively in francophone Africa.

The real question is whether this combined power can lead to better value for viewers, more jobs for creatives, and more space for diverse African stories to thrive.

The Canal+ takeover of MultiChoice isn’t just about profit margins or share prices. It’s about reshaping the media landscape in a way that could either empower African storytellers or sideline them. With the Competition Tribunal’s approval now secured, all eyes are on what comes next.

South Africa and the continent will be watching.

{Source: My Broad Band}

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