Canal+ acquires full ownership of DStv, GOtv in $3bn MultiChoice deal

French media powerhouse, Canal+ Group, has finalised a $3 billion acquisition of the remaining 55% stake in MultiChoice Group.

With the deal,  Canal+ takes full ownership of Africa’s largest pay-TV operator, which includes DStv, GOtv, SuperSport, M-Net, Africa Magic, and Showmax.

South African Competition Tribunal approved the deal on Wednesday and is valued at approximately 55 billion rand and is set to close fully by October 8, 2025. 

This marks a major turning point in the African broadcasting landscape, giving Canal+ access to over 14.5 million subscribers across 50 countries.

Canal+, which previously held 45.2% of MultiChoice, has been steadily increasing its stake since 2020, investing €1.2 billion ($1.3 billion) before launching a full takeover bid earlier this year.

In an official statement released via the Johannesburg Stock Exchange on Wednesday, Canal+ CEO, Maxime Saada expressed optimism about the merger’s potential.

He said, “The approval by South Africa’s Competition Tribunal marks the final stage in the South African competition process and clears the way for us to conclude the transaction in line with our previously communicated timeline. This acquisition represents a significant step in expanding our presence across Africa, particularly in English-speaking markets.”

Canal+, a subsidiary of French media conglomerate Vivendi SE, plans to invest R26 billion ($1.4 billion) over the next three years to support local content creation, protect South African-based operations, preserve jobs, and promote transformation initiatives in the region.

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The transaction is expected to close by October 8, 2025, pending final approval from the Independent Communications Authority of South Africa.

The move comes as Canal+ seeks to bolster its foothold in the continent’s blooming media sector, leveraging MultiChoice’s 40-year legacy and its extensive subscriber base of nearly 50 million across Africa.

MultiChoice, which was spun off from Naspers in 2019, has been a dominant player in the pay-TV market, offering a wide array of local content and sports programming through DStv and GOtv.

MultiChoice Chairman, Elias Masilela hailed the deal as a vote of confidence in the company’s growth strategy.

“The offer from Canal+ endorses MultiChoice’s 40-year track record and our compelling continental growth strategy. It is gratifying to note that foreign investors share our view that South Africa and Africa remain attractive growth markets,” Masilela stated.

To comply with South African regulations limiting foreign ownership of broadcasting licences to 20%, MultiChoice has established a new entity, dubbed LicenceCo, to hold its domestic broadcasting licence independently.

The Competition Commission had earlier recommended the deal’s approval with conditions, including commitments to invest in local audiovisual content and promote South African productions in new markets.

With the acquisition, Canal+ significantly boosts its position in the global media space, setting itself up as a major competitor to Netflix, Amazon Prime Video, and Disney+ across Africa’s fast-growing digital entertainment market.

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