South Africa’s Competition Tribunal has granted conditional approval for French media giant Canal+ to proceed with its proposed acquisition of MultiChoice Group, in what is set to become the largest media merger in African history.
The $2 billion (approximately ZAR 35 billion) transaction will combine Canal+’s strong presence in Francophone Africa with MultiChoice’s dominance in Anglophone regions, potentially transforming the continent’s pay-TV and content landscape.
According to a statement released by the tribunal, the approval is contingent upon public interest commitments made by Canal+. These include a pledge to invest ZAR 26 billion over the next three years to support local content production, sports broadcasting, and the empowerment of Historically Disadvantaged Persons (HDPs) in South Africa’s media sector.
“This conditional approval strikes a balance between encouraging foreign direct investment and safeguarding national interests,” the tribunal said.
To comply with South Africa’s legal restrictions that limit foreign ownership of broadcasting licence holders to 20 per cent, a new company known as “LicenceCo” will be established. This entity will hold MultiChoice’s South African broadcasting licence and be majority-owned and controlled by HDPs.
The tribunal stated that this structure would ensure compliance with the Electronic Communications Act, while enabling Canal+ to acquire the broader MultiChoice Group.
In addition to structural changes, Canal+ will be required to maintain MultiChoice’s existing investment in local productions and talent development, as well as ensure continued access to sports content that is of national interest.
Also Read: Subscription Hikes: Court Dismisses MultiChoice’s Suit Against FCCPC
The acquisition marks a major milestone in Canal+’s longstanding ambition to expand its footprint across Africa. With MultiChoice’s 19 million subscribers and Canal+’s 26 million subscribers, the merged entity is poised to become a pan-African content powerhouse.
Canal+ and MultiChoice now await final regulatory clearances, with the long-stop date for completion set for 8 October 2025.
Following the announcement, MultiChoice’s shares rose sharply on the Johannesburg Stock Exchange, hitting a 12-month high.
The deal reflects a broader trend of consolidation in the global media industry, as companies seek scale and content leverage in the face of rising competition from global streaming platforms.
