Canal+ acquires full control of MultiChoice in $3bn deal to expand African media dominance

Summary

• French conglomerate Canal+ finalises $3 billion takeover of MultiChoice, gaining 100% ownership
• South Africa’s Competition Tribunal approves merger with public interest conditions, including R26bn local content investment
• Deal positions Canal+ to grow African subscriber base from 8 million to over 50 million across multilingual markets

Johannesburg, South Africa — French media giant Canal+, a subsidiary of Vivendi and controlled by billionaire Vincent Bolloré, has completed its full acquisition of MultiChoice Group, Africa’s largest pay-TV operator, in a landmark $3 billion (R55 billion) deal. The transaction was approved by South Africa’s Competition Tribunal on July 23, 2025, with full closure expected by October 8.

Canal+, which began building its stake in MultiChoice in 2020 and launched a mandatory buyout offer in 2023 at R125 per share, has now secured the remaining 55% of shares it did not previously own. The move signals a significant shift in Africa’s media landscape and underscores growing foreign interest in the continent’s rapidly evolving digital entertainment sector.

MultiChoice operates across 50 sub-Saharan African countries, boasting 14.5 million subscribers and owning influential platforms such as DStv, GOtv, Showmax, and SuperSport. The acquisition enables Canal+ to merge its French-language content with MultiChoice’s English and Portuguese offerings, positioning the new conglomerate as a pan-African, multilingual media powerhouse.

Canal+ has outlined ambitions to expand its African subscriber base from 8 million to between 50 and 100 million by leveraging MultiChoice’s market dominance and satellite distribution infrastructure. Analysts view the acquisition as part of Canal+’s broader strategy to counter the influence of global streaming giants like Netflix and Amazon Prime across Africa.

The Competition Tribunal’s approval came with binding public interest conditions aimed at preserving South African interests. These include a R26 billion investment over three years in local content production, the maintenance of MultiChoice’s headquarters in South Africa, enhanced opportunities for Historically Disadvantaged Persons (HDPs), and the separation of MultiChoice’s South African operations into an independent legal entity to meet foreign ownership regulations.

The tribunal’s conditions aim to safeguard jobs, local creative industries, and compliance with domestic laws in the wake of foreign ownership.

While MultiChoice has faced recent hurdles, including a subscriber loss of 243,000 in Nigeria between April and September 2024 due to economic downturns and the rise of streaming alternatives, industry analysts believe the acquisition represents a strategic lifeline and a long-term growth opportunity.

Canal+ is expected to drive innovation across Showmax and SuperSport while expanding original content production and increasing reach in underserved African markets.

The deal is regarded as one of the largest media acquisitions in Africa’s history and is likely to redefine content production, distribution, and consumption on the continent in the years to come.