Canal+ Takes Full Control of MultiChoice in Landmark Merger

The MultiChoice Group (MCG) has officially come under the control of French media giant Canal+, following the fulfilment of all conditions for the merger. The transaction, finalized on 19 September 2025, marks the largest acquisition in Canal+’s history.

MCG confirmed that all suspensive conditions to the takeover have either been met or waived, rendering the Canal+ offer unconditional. The settlement process will now begin, pending a compliance certificate from South Africa’s Takeover Regulation Panel.

As of close of business on 19 September, Canal+ directly owned 46% of MCG’s shares, with an additional 2.2% already tendered, effectively giving the French broadcaster majority control. More shares are expected to be added under the now-unconditional offer.

The acquisition creates a global media powerhouse with more than 40 million subscribers across 70 countries in Africa, Europe, and Asia, supported by about 17,000 employees.

Commitments to South Africa

As part of the merger, Canal+ and MultiChoice pledged to safeguard public interest by supporting historically disadvantaged businesses and SMMEs in South Africa’s audio-visual sector, while continuing to fund local sports and entertainment content. Subscription and billing arrangements for customers will remain unchanged.

Canal+ will release a detailed strategic update in early 2026, outlining its vision for the combined group.

Leadership Restructuring

The deal also comes with major leadership changes. A new board took office on 22 September, led by Maxime Saada as Chair, Elias Masilela as Lead Independent Director, David Mignot as CEO, and Nicolas Dandoy as CFO. Several independent non-executive directors remain on the board, while former CEO Calvo Mawela and other executives stepped down.

Mawela will, however, chair Canal+’s African operations, while outgoing CFO Timothy Jacobs will remain in a senior finance role within the combined group.

Saada described the merger as a turning point:

 “Our combined company is unique, a true global media and entertainment powerhouse. This combination increases our ability to invest in creative and sporting content throughout Europe, Africa and Asia.”

Voting Rights Reforms

To comply with South Africa’s broadcasting laws, MultiChoice has established Multichoice Proprietary Limited (LicenceCo) to hold its broadcasting licence. This ensures South African ownership and governance while allowing Canal+ to exercise full voting rights attached to its shares.

The merger not only consolidates Canal+’s stake in Africa’s leading pay-TV operator but also strengthens its global footprint, setting the stage for new investments in media and sports content worldwide.