KEY POINTS

• Canal+ received final approval to acquire MultiChoice, Africa’s top pay-TV operator, including DSTV and GOTV.

• The deal includes commitments to local content investment and HDP economic participation in South Africa.

• Finalization is expected before October 8, completing Canal+’s bold push into Africa’s media market.

French media conglomerate Canal+ has obtained final regulatory approval to acquire Africa’s largest pay-TV provider, MultiChoice Group, in a landmark deal poised to reshape the continent’s media landscape.

The go-ahead came from South Africa’s competition tribunal, which concluded its review by endorsing Canal+’s proposed acquisition plan. This green light clears the last major regulatory obstacle in a transaction that has drawn attention across global media and business sectors.

Canal+ offered ZAR 125 ($7.11) per share in a mandatory cash bid to purchase all outstanding ordinary shares in MultiChoice, a company best known for its flagship platforms, DSTV and GOTV, which collectively serve millions of homes across Sub-Saharan Africa.

Merger is expected to deliver greater scale, spur investments in local content

The approval includes several public interest commitments designed to deepen economic transformation and inclusivity within South Africa’s audiovisual sector. These conditions guarantee support for small, micro, and medium-sized enterprises (SMMEs) as well as historically disadvantaged persons (HDPs). Additionally, the agreement mandates ongoing investment in local general entertainment and sports content.

To comply with South Africa’s Electronic Communications Act, which regulates ownership in the broadcasting sector, the deal will be structured to separate MultiChoice’s South African broadcasting licence into an independent, majority HDP-owned company. This arrangement was first disclosed in February and represents a crucial mechanism for local compliance.

Canal+ CEO Maxime Saada welcomed the approval, stating that “this marks the final stage in the South African competition process and allows us to proceed with the transaction.” He added that the merger will enable the combined entity to harness scale, tap into high-growth markets across Africa, and realize operational efficiencies.

MultiChoice Group CEO Calvo Mawela echoed these sentiments, calling the tribunal’s decision “a significant milestone in our journey, one that highlights our strategic alignment with Canal+ and our mutual dedication to making a meaningful impact in communities.”

The deal follows Canal+’s earlier separation from French media and telecoms conglomerate Vivendi. Since the spin-off, the group has signaled an aggressive mergers and acquisitions strategy to expand its global presence, with Africa considered a strategic growth frontier.

With regulatory hurdles now cleared, the companies aim to finalize the transaction before October 8, bringing together two entertainment powerhouses under one umbrella.