French media giant Canal+ has officially acquired full ownership of South African broadcasting powerhouse MultiChoice Group in a landmark deal valued at $3 billion (approximately R55 billion), gaining complete control of its flagship platforms, DStv and GOtv.

The acquisition, which marks one of the largest media transactions in Africa’s history, received final approval from South Africa’s Competition Tribunal on July 23, 2025. The tribunal’s green light followed earlier conditional approval from the Competition Commission, paving the way for Canal+ to conclude its buyout of the pan-African broadcaster.

Canal+, which previously held a 45.2% stake in MultiChoice, launched a formal takeover bid in February 2024, initially offering R105 per share before raising it to R125 to meet regulatory and shareholder expectations. The company had until October 8, 2025, to meet all conditions and secure full acquisition status.

However, due to South African regulations that cap foreign ownership of broadcasting license holders at 20%, Canal+ and MultiChoice will restructure operations by creating a new entity, LicenceCo, to hold the local broadcasting licenses. LicenceCo will be majority-owned by South African stakeholders classified as Historically Disadvantaged Persons (HDPs), while Canal+ will retain a 49% economic interest and a 20% voting stake.

As part of the approval conditions, Canal+ committed to investing R26 billion over the next three years. This includes a moratorium on retrenchments during that period, expansion of local content production, increased support for HDP-owned suppliers, and the continued presence of MultiChoice’s headquarters in South Africa.

The deal solidifies Canal+’s position as a dominant force in Africa’s media landscape, with access to over 50 markets across the continent and a stronger platform to compete with global streaming giants such as Netflix, Disney+, and Amazon Prime Video. For MultiChoice, the acquisition brings a fresh injection of capital to support the growth of its streaming service Showmax, bolster SuperSport’s sports rights portfolio, and deepen investment in African storytelling.

The transaction represents a significant consolidation of media assets across Africa, with potential to reshape the continent’s entertainment and broadcasting landscape in the years ahead.