Canal+ SA has completed its acquisition of MultiChoice Group Limited, marking a significant milestone in African media consolidation. The Paris-based media conglomerate finalised the purchase of the remaining shares in the Johannesburg-headquartered entertainment firm last week. This development brings to an end MultiChoice’s tenure on the Johannesburg Stock Exchange (JSE) and the A2X exchange, with delisting scheduled for Wednesday.
The acquisition follows Canal+’s successful move in October to compulsorily acquire all outstanding MultiChoice shares after surpassing the 90 per cent ownership threshold required by South African listing regulations. The company has since paid the requisite consideration to MultiChoice shareholders, thereby concluding the formalities of the takeover process.
Canal+ has announced its intention to pursue a secondary inward listing on the JSE, which will maintain the company’s presence within South Africa’s financial markets despite MultiChoice’s withdrawal. This move underscores the group’s continued interest in maintaining a strategic foothold on the continent.
The transaction, first initiated in early 2024, saw Canal+ improve its offer to 125 rand per share in June of that year, representing a 67 per cent premium over MultiChoice’s closing price of 75 rand before the French company’s initial approach to investors in February 2024. The acquisition reflects a broader trend of global media consolidation, while also revealing the enduring strategic importance of African markets in shaping the global entertainment landscape.
The merged entity will now serve more than 40 million subscribers across nearly 70 countries spanning Africa, Europe and Asia. This expanded reach positions the combined group as a key player in the evolving media landscape, where streaming services and digital entertainment continue to transform audience engagement.
Canal+, a subsidiary of Vivendi SE, has a long-standing presence in Africa through Canal+ Afrique and other partnerships across Francophone regions. The acquisition of MultiChoice—owner of DStv, GOtv and Showmax—extends the company’s reach into Anglophone African markets and strengthens its ability to deliver locally relevant content alongside global programming.
For South Africa, MultiChoice’s delisting represents the close of a significant chapter in the nation’s broadcasting history. Founded in 1986, the company grew into one of the continent’s most influential media networks, contributing to cultural expression, sports broadcasting and the creative economy across sub-Saharan Africa. While its departure from the JSE raises questions about local ownership in the country’s media sector, it also highlights the growing integration of African entertainment industries into a wider global ecosystem.
In London, Canal+ shares traded 2.0 per cent lower at 250.70 pence on Monday afternoon. Despite short-term fluctuations in market sentiment, analysts suggest the acquisition could bolster Canal+’s long-term competitiveness by deepening its presence in high-growth markets where demand for digital content is expanding rapidly.
Observers note that this acquisition could encourage further partnerships between African media firms and global entertainment networks, fostering knowledge exchange, innovation and investment. However, they also emphasise the importance of preserving African creative autonomy and ensuring that local narratives remain central to content production and distribution.
The integration of MultiChoice into Canal+ represents more than a corporate merger. It is part of a broader conversation about Africa’s place in the global media landscape, the rebalancing of cultural power, and the potential for new forms of collaboration that prioritise African audiences and creators.
