French Media Giant Canal+ Completes Takeover Of South Africa’s Multichoice
French Media Giant Canal+ Completes Takeover Of South Africa’s Multichoice
According to Reuters, as of September 19, Canal+ owned 46% of MultiChoice, with an additional 2.2% of shares tendered in its favour since then, giving the London-listed company effective control of the broadcaster, the companies said.
French media giant Canal+ (CAN.L) and MultiChoice (MCGJ.J) on Monday announced that all conditions attached to Canal+’s 35 billion rand ($2.02 billion) takeover of the South African TV broadcaster have been met, making the deal unconditional.
According to Reuters, as of September 19, Canal+ owned 46% of MultiChoice, with an additional 2.2% of shares tendered in its favour since then, giving the London-listed company effective control of the broadcaster, the companies said.
In July, Canal posted that it had agreed with Multichoice on the terms of the deal.
“The parties are pleased to advise shareholders that the South African Competition Tribunal (“the Tribunal”) has approved the Proposed Transaction, subject to agreed conditions which include the implementation of the structure announced on 4 February 2025,” a statement on its website read in part.
“As was previously disclosed, the agreed conditions include a robust package of guaranteed public interest commitments proposed by the Parties.”
“The package supports the participation of firms controlled by Historically Disadvantaged Persons (“HDPs”) and Small, Micro and Medium Enterprises (“SMMEs”) in the audio-visual industry in South Africa.
“This package will maintain funding for local South African general entertainment and sports content, providing local content creators with a strong foundation for future success.”
In November 2024, SaharaReporters reported that African TV giant MultiChoice, led by CEO Calvo Mawela, was working to finalise a $3 billion partnership deal with Canal+ to strengthen its position against US streaming rivals.
“A combination gives us a better chance to compete against the global giants,” Mawela told Bloomberg TV.
“Scale matters in this industry, then you are able to negotiate better rates for content and you are able to generate more revenues, especially with one party operating in French-speaking Africa and one in the English-speaking part of Africa.”
MultiChoice has in recent years struggled with currency depreciation and subscriber losses in key markets, particularly Nigeria, which has weighed on profits and consumer spending power.
Mawela views the Canal+ partnership as a way to broaden content offerings and enhance technology to better compete with platforms like Netflix and Amazon.
