The French media giant Canal+ finalises MultiChoice takeover after all suspensive conditions tied to its takeover offer were fulfilled, marking one of the biggest transactions in the global entertainment industry.
In a joint announcement on Friday, September 19, 2025, Canal+ and MultiChoice confirmed that the deal had become unconditional, paving the way for full integration of the African broadcaster into the Canal+ portfolio.
“Subject to the Takeover Regulation Panel issuing a compliance certificate in respect of the Canal+ offer in terms of section 121(b) of the Companies Act, which is expected imminently, the settlement process in connection with the offer will now commence,” the group stated.
Canal+ in Effective MultiChoice Takeover
By the close of business on September 19, Canal+ directly held 46% of MCG shares, excluding treasury shares. An additional 2.2% of shares had already been tendered ahead of the finalisation announcement.
“Canal+ is therefore in effective control of MCG,” MultiChoice confirmed, adding that more tendered shares would continue to boost Canal+’s ownership.
Founded in 1994 as M-Net’s digital satellite division, MultiChoice has now officially entered a new era under French ownership.
Global Reach and Market Impact
The merger cements Canal+’s position as a global powerhouse in media and entertainment. The combined group will serve over 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia, supported by a workforce of about 17,000 employees.
Maxime Saada, CEO of Canal+, said the deal represents a strategic leap forward:
“Our combined company is unique, a true global media and entertainment powerhouse, serving more than 40 million subscribers across close to 70 countries. This combination increases our ability to invest in creative and sporting content throughout Europe, Africa and Asia.”
South Africa Commitments
To address public interest concerns, Canal+ and MultiChoice have pledged to support Historically Disadvantaged Persons (HDPs), as well as Small, Micro and Medium Enterprises (SMMEs) in South Africa’s audio-visual sector. They also promised to continue investing in local entertainment and sports content created by South Africans.
For subscribers, the company assured that subscription and billing arrangements will remain unchanged.
Leadership Changes and Integration Plans
Following the finalisation, a majority of the new MCG Board consists of independent non-executive directors who previously served under MultiChoice. Former CEO Calvo Mawela and other outgoing board members officially resigned on September 22, 2025.
Going forward, David Mignot and Nicolas Dandoy will serve as CEO and CFO of Canal+’s African operations, which include MultiChoice. Calvo Mawela, though stepping down as CEO, will chair the group’s African operations. Outgoing CFO Timothy Jacobs will retain a senior finance role within the merged company.
Canal+ said it will present a strategic update in Q1 2026, detailing its integration roadmap and expected synergies.
Voting Rights and Broadcasting Licence
One of the key structural changes involves the creation of MultiChoice Proprietary Limited (LicenceCo) to hold the group’s broadcasting licence. This reorganisation ensures compliance with South African broadcasting laws, which limit foreign control to 20% voting rights.
“With the completion of the Reorganisation, MultiChoice Proprietary Limited now has its own shareholders, governance and South African control structure that adheres to the relevant statutory requirements,” the group explained.
As a result, previous voting scale-back provisions no longer apply. All voting rights attached to shares held by foreign shareholders, including Canal+, will now be counted in full.
A New Chapter in Global Media
The takeover of MultiChoice by Canal+ is the largest transaction ever carried out by the French broadcaster. With strengthened control in Africa and expanded global influence, the combined group is positioning itself as a dominant force in the international media and entertainment market.
