French Media Giant Canal+ Acquires MultiChoice In $3 Billion Deal, Secures Full Control Of DStv And GOtv.
French media conglomerate Canal+ has completed a landmark $3 billion acquisition of MultiChoice Group, the parent company of DStv and GOtv, gaining full control of Africa’s leading pay-TV operator. The deal, approved by South Africa’s Competition Tribunal on 23 July 2025, marks one of the largest media mergers in African history, with Canal+ acquiring the remaining 55% stake it did not previously own. The transaction, valued at approximately $3 billion, is set to be finalised by 8 October 2025, following months of rigorous regulatory scrutiny.
The acquisition strengthens Canal+’s foothold in Africa’s rapidly growing entertainment market, where it already operates in 25 countries with over eight million subscribers. MultiChoice, with 14.5 million subscribers across 50 sub-Saharan African countries, brings flagship platforms like DStv, GOtv, and SuperSport, Africa’s premier sports broadcaster, to the French conglomerate’s portfolio. Canal+ CEO Maxime Saada described the deal as transformative, stating, “The combined group will benefit from enhanced scale, greater exposure to high-growth markets, and the ability to deliver meaningful synergies.” The merger is expected to blend Canal+’s French-language content with MultiChoice’s English and Portuguese programming, creating a multilingual media powerhouse.
South Africa’s Competition Tribunal approved the deal with strict public interest conditions to safeguard local content production, media sovereignty, and employment. Canal+ has committed to investing $1.4 billion over the next three years to support South African initiatives, including maintaining MultiChoice’s headquarters in Johannesburg and funding local entertainment and sports content. A joint statement from both companies reaffirmed their commitment: “We will maintain funding for South African general entertainment and sports content, providing local content creators with a strong foundation for future success.” Additionally, a three-year moratorium on retrenchments and increased participation of historically disadvantaged persons (HDPs) in the audiovisual sector were mandated.
To comply with South Africa’s Electronic Communications Act, which limits foreign ownership of broadcasting licences to 20%, MultiChoice’s South African broadcasting unit will be spun off into an independent entity, LicenceCo. This entity will be majority-owned by HDPs, including Phuthuma Nathi, which will hold a 27% economic interest, alongside Afrifund Investment and Identity Partners, ensuring compliance with local regulations. Canal+ will retain a 49% economic interest and 20% voting rights in LicenceCo, while MultiChoice Group maintains its 75% stake in MultiChoice South Africa. The structure has received in-principle support from Phuthuma Nathi’s board, with further regulatory approval pending from the Independent Communications Authority of South Africa (ICASA).
The deal comes at a critical time for MultiChoice, which has faced significant challenges, including a loss of 243,000 subscribers across DStv and GOtv between April and September 2024, driven by Nigeria’s economic downturn and inflation exceeding 30%. The company has also grappled with competition from streaming giants like Netflix and Amazon Prime. The $3 billion capital injection is expected to bolster MultiChoice’s investment in local content, sports broadcasting, and digital platforms like Showmax, which has seen 50% year-on-year growth following a $87 million investment.
In Nigeria, where MultiChoice serves a significant portion of its subscriber base, the acquisition has sparked both optimism and concern. Subscribers worry about potential price increases, given Nigeria’s economic pressures, with one Lagos-based viewer stating, “I’m already paying more for less.” Local content creators, particularly in Nollywood, fear a shift towards French or European programming, though Nigeria’s Broadcasting Commission regulations mandating local content quotas may mitigate this. Canal+ has pledged to preserve Nigerian staff and contracts with local producers, addressing concerns about job security and cultural sovereignty.
Canal+ initiated its takeover bid in 2023 with a mandatory offer of $7.11 per share, a 66.66% premium over MultiChoice’s share price on 1 February 2024, before the offer was announced. The deal’s approval has been hailed as a watershed moment for Africa’s media industry, with analysts predicting enhanced investment and global competitiveness. However, posts on X reflect mixed sentiments, with some users questioning whether Canal+ will improve DStv’s content relevance, given its recent loss of subscribers, while others welcome the potential for innovation.
As Canal+ and MultiChoice work towards finalising the deal, the focus remains on navigating regulatory requirements and delivering on commitments to local content and job preservation. The acquisition positions the combined entity to reshape Africa’s pay-TV landscape, leveraging MultiChoice’s infrastructure and Canal+’s global expertise to compete with international streaming platforms and drive growth across the continent.
