, a valuation that underscores the strategic value of Africa’s fast-growing digital media market.){kind=link}
In a bold play to cement its influence in African media, French entertainment powerhouse Canal+ has received a green light—albeit with conditions—from South Africa’s Competition Commission to proceed with its high-stakes acquisition of MultiChoice Group, Africa’s largest pay-TV provider.
The Commission’s approval brings Canal+ one step closer to securing full control of a network that reaches over 20 million subscribers across the continent.
The proposed R125 per share buyout values MultiChoice at R35 billion (nearly $2 billion), a valuation that underscores the strategic value of Africa’s fast-growing digital media market.
The Fine Print: Conditions That Define the Deal
While the regulatory thumbs-up is a win for Canal+, it comes wrapped in mandates that prioritize South Africa’s national interest:
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Preserving Jobs: A mandatory freeze on retrenchments for at least three years.
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Local Empowerment: The creation of LicenceCo, a new company that will hold MultiChoice’s broadcasting license in South Africa. This entity must be majority-owned by historically disadvantaged South Africans, ensuring compliance with local ownership laws.
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Economic Commitments: The parties are to invest R26 billion in public interest initiatives over three years, including local content production, sports development, youth training, and procurement from small and HDP-owned businesses.
A New Power Structure in African Broadcasting
As part of the restructuring, LicenceCo will oversee MultiChoice’s South African operations, with significant equity held by groups such as Phuthuma Nathi, Afrifund Consortium, Identity Partners, and a Workers’ Trust.
Though MultiChoice Group will retain a 49% economic interest in LicenceCo, it will relinquish controlling power by capping its voting rights at 20%.
This framework is crafted to adhere to South Africa’s Electronic Communications Act, which limits foreign ownership of local broadcast license holders—putting Canal+ in compliance while still securing financial influence.
Canal+ Eyes Long-Term Growth in Africa
For Canal+, this acquisition is not just about controlling screens; it’s about establishing a long-term footprint in the world’s youngest and most dynamic media market.
With a rapidly urbanizing population and surging demand for streaming and digital content, Africa represents the next frontier for global media brands.
“By partnering with South Africa’s creative sector, we see an opportunity to elevate local storytelling while giving African content a global stage,” a Canal+ executive stated in a press release.
What’s Next?
The deal now awaits final consideration by the Competition Tribunal, which will evaluate whether the transaction meets all regulatory and socio-economic thresholds.
If approved, Canal+ is expected to finalize the acquisition before the October 8, 2025 deadline.
For viewers, the merger could mean better streaming services, improved content offerings, and broader access to international entertainment.
For the industry, it signals a new era of cross-border consolidation—and a reminder that Africa’s media future is increasingly being shaped by global players.
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