Canal+ has completed its $3.17 billion acquisition of MultiChoice Group, finalizing one of Africa’s largest media transactions and positioning the French broadcaster to expand its footprint across the continent’s fast-growing television and streaming markets
The deal, which values South Africa-based MultiChoice at about R55 billion ($3.17 billion), follows more than two years of regulatory reviews and shareholder approvals. Canal+ acquired the remaining shares it did not already own at R125 apiece, making MultiChoice a wholly owned subsidiary.
The combined company will operate across 70 countries, serving more than 40 million subscribers through brands including DStv, GOtv, Showmax and SuperSport, alongside Canal+’s pay television and streaming platforms in Europe and French-speaking Africa.
The acquisition brings together Canal+’s strong presence in Francophone Africa with MultiChoice’s dominance in English-speaking markets, creating one of the world’s largest media groups by geographic reach. Executives say the enlarged business will be better positioned to compete against global streaming platforms such as Netflix, Disney+ and Amazon Prime Video while increasing investment in locally produced African content.
“This marks the beginning of a new chapter for MultiChoice,” Canal+ Africa and MultiChoice Chief Executive Officer David Mignot said in a statement, adding that the combined company would use its expanded scale to accelerate growth and strengthen its content offering.
The transaction required an extensive restructuring to comply with South Africa’s broadcasting laws, which restrict foreign ownership of commercial broadcasting licences. MultiChoice separated its domestic broadcasting licence into an independently controlled entity, allowing Canal+ to complete the acquisition while meeting regulatory requirements.
The takeover concludes Canal+’s gradual investment in MultiChoice that began in 2020. The French company steadily increased its holding before triggering a mandatory takeover offer after exceeding the threshold requiring it to bid for the remaining shares.
Canal+ expects the combination to generate more than €400 million ($470 million) in annual synergies over the coming years through shared content procurement, technology integration and operational efficiencies. The company has also said the merger will strengthen its direct-to-consumer streaming strategy as viewing habits continue shifting from traditional pay television to digital platforms.
For MultiChoice, the deal comes as Africa’s largest pay-TV operator faces slowing subscriber growth, currency volatility in several key markets and intensifying competition from global streaming services. The company has increasingly shifted its strategy toward streaming platform Showmax while continuing to invest heavily in sports broadcasting and locally produced programming to retain subscribers.
The acquisition gives Canal+ a stronger platform to pursue long-term growth in Africa, where rising internet penetration, expanding broadband infrastructure and a young population are expected to drive demand for digital entertainment despite ongoing economic headwinds in several markets.
With the transaction complete, Canal+ will focus on integrating operations while maintaining MultiChoice’s portfolio of consumer brands, betting that greater scale and deeper investment in premium content will strengthen its competitive position in one of the world’s fastest-growing media markets.