• Canal+ now holds 94.39% of MultiChoice, triggering a full takeover.
• The French group plans a secondary listing on the Johannesburg Stock Exchange (JSE) after delisting MultiChoice.
• The $2 billion acquisition marks a major consolidation in Africa’s pay-TV market.

Canal+ has secured near-total control of South Africa’s MultiChoice Group, completing a takeover that reshapes Africa’s pay-TV industry and strengthens the French media company’s footprint on the continent.

Canal+ and MultiChoice announced on Monday the final results of the French group’s mandatory offer for all remaining shares in the South African broadcaster. The company said it now holds about 94.39% of MultiChoice’s capital, surpassing the 90% acceptance threshold set by other shareholders.

Under South African law, Canal+ will begin a squeeze-out process to acquire the remaining shares, making MultiChoice a wholly owned subsidiary. The move will precede MultiChoice’s delisting from the Johannesburg Stock Exchange, pending regulatory approval.

The transaction will pave the way for Canal+ to launch its own secondary listing on the JSE, complementing its London listing established in December 2024. The group said the listing will give South African investors direct access to a global media company while underscoring its long-term commitment to the region.

Maxime Saada, chairman of the Canal+ executive board, said the deal delivers on the company’s 2024 pledge and “cements the central role Canal+ intends to play in Africa.” Integration of both entities is underway, with strategic priorities and synergy plans expected to be unveiled in the first quarter of 2026, according to the company.

The announcement comes three weeks after MultiChoice confirmed that all conditions for the 35 billion rand ($2 billion) offer had been met. The offer became unconditional on September 19, enabling settlement and initial shareholder payments in early October. South Africa’s Competition Commission approved the transaction in May, followed by the Competition Tribunal in July.

Founded in 1985, MultiChoice dominates Africa’s pay-TV sector through its DStv platform, despite a loss of around 3.7 million subscribers between 2023 and 2025. According to Digital TV Research, Canal+, MultiChoice, and StarTimes together control nearly 90% of Africa’s pay-TV market.

Canal+ has not yet disclosed the exact timeline for MultiChoice’s delisting or its own listing on the JSE.

This article was initially published in French by Louis-Nino Kansoun

Adapted in English by Ange Jason Quenum