Canal+ gets green light for R55 billion MultiChoice merger

French media powerhouse Canal+ has cleared a significant  regulatory hurdle in its R55 billion ($2.9 billion) bid to acquire MultiChoice Group, Africa’s largest pay-TV operator. South Africa’s Competition Commission  today recommended conditional approval for the acquisition, pending final review by the Competition Tribunal.

This move not only signals the possible creation of a continental media giant but also reflects the growing intensity of the global streaming wars now reaching deep into African markets.

Canal+, which is majority-owned by French conglomerate Vivendi, has gradually increased its stake in MultiChoice over the past five years. With this acquisition, it aims to consolidate ownership and establish a dominant footprint across both Francophone and Anglophone Africa.

The firm offer of R125 per share, made earlier this year, values MultiChoice at roughly R55 billion, marking this one of the  highest-profile mergers in Africa’s media history.

While the commission found that the transaction would not substantially lessen competition, it warned that the merger posed significant public interest risks particularly regarding foreign control of local broadcasting licenses, job security, and support for historically disadvantaged groups.

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The breakdown of the conditions imposed are a three-year employment guarantee,South African ownership of broadcast license, R26 billion in public interest investments,  local news content and JSE listing.

This acquisition is not just about broadcasting rights or satellite dishes. It’s about who controls the future of African storytelling.

The deal also positions Canal+ to benefit from Showmax’s relaunch, powered by its new tech stack and strategic alliance with Comcast (NBCUniversal and Sky). Canal+ may now be able to unify content, licensing, sports rights, and production infrastructure across nearly 50 African markets.

Canal+ has until October 8, 2025, to finalize the deal after extending its initial deadline earlier this year. With Vivendi recently spinning off Canal+ as a standalone entity, the timing is critical. Canal+ needs scale and synergy to justify its streaming investments and offset stagnating growth in Europe.

Meanwhile, MultiChoice, facing increased pressure from global platforms, has seen shrinking margins in its legacy satellite business though digital growth via Showmax and ad-tech offers new promise. 

The deal now moves to South Africa’s Competition Tribunal, which will review the Commission’s recommendations, evaluate stakeholder submissions, and determine whether the merger will be approved and on what final terms.

MultiChoice shares surged over 5% following the news, reflecting market optimism that the deal will succeed.