CANAL+ edges closer to MultiChoice buyout after key South African approval
After a year of rejections, financial losses, and regulatory hurdles, the tides may finally be turning for one of Africa’s biggest media takeovers.
At the start of 2024, MultiChoice looked like it could hold its ground. The South African media giant had just relaunched its streaming service Showmax, partnered with Comcast, and wasn’t shy about calling CANAL+’s $1.7 billion bid “too low.” Back then, it still had leverage and confidence.
But confidence doesn’t last long in a market where the numbers keep slipping.
By July 2025, the situation had changed. MultiChoice had lost over a million subscribers across Africa. In Nigeria, one of its most lucrative markets, it saw a 44% earnings dip, driven by currency volatility and viewers who couldn’t justify rising costs. Piracy didn't help either, with more than two million illegal streams eroding its core business. And in May, the company posted a headline loss of R800 million (around $45 million).
So, when French media giant CANAL+ returned with a revised offer—R125/share, up from the original R105/share, valuing the company at $2 billion—the resistance was quiet. Too quiet.
This week, South Africa’s Competition Tribunal approved the deal, following an earlier nod from the Competition Commission. The conditions are clear: no layoffs for three years, a new locally-owned “LicenceCo” to hold MultiChoice’s broadcast licenses, and a R26 billion (~$1.4 billion) commitment toward local content, small businesses, and HDP (historically disadvantaged persons)-owned entities.
Has MultiChoice officially agreed to the buyout?
Not yet. But it also hasn’t pushed back, and that says a lot. CANAL+ already owns more than 40% of the company. Once it crossed the 35% threshold, it triggered a mandatory buyout under South African law. The regulatory approvals are stacking up, and the October 8 deadline to close the deal is getting closer. All that’s left is approval from ICASA to transfer MultiChoice’s license to the newly formed LicenceCo.
For CANAL+, this is more of an expansion strategy than just a media acquisition. The company dominates Francophone Africa, and with this deal, it gains access to 19.3 million subscribers across 50 countries — plus infrastructure, local content studios, and a platform in Showmax that, with enough investment, could stand toe-to-toe with Netflix and Amazon Prime.
And it’s already making moves. In June, CANAL+ became the first African pay-TV provider to bundle Netflix in 24 French-speaking countries. It’s also picked up stakes in local producers like Senegal’s Marodi TV and positioned itself as a one-stop content aggregator for African viewers.
MultiChoice, once the gatekeeper of Africa’s TV market, now looks, to me, more like a bridge — one that CANAL+ is preparing to cross. Whether it’s ready or not.
Emmanuel Oyedeji
