French media giant Canal+ has completed its acquisition of MultiChoice Group, bringing the ownership of DStv, GOtv and Showmax fully under its control after a takeover process that stretched over more than two years.
The completion, confirmed on Thursday, brings one of Africa’s largest pay television operators fully under the control of Canal+, which now operates across roughly 70 countries spanning Europe, Africa and Asia.
David Mignot, Chief Executive Officer of Canal+ Africa and MultiChoice, described the milestone as positioning the South African broadcaster for a new phase of international growth. “MultiChoice is now a full subsidiary of a truly international media group operating in 70 countries,” he said.
Canal+ acquired the remaining shares it did not already own at R125 apiece, a deal that values MultiChoice at approximately R55 billion ($3.17 billion). The takeover follows Canal+’s gradual build-up of its stake in MultiChoice, which began in 2024 after the French company crossed the regulatory ownership threshold and launched a mandatory offer for the rest of the shares.
Following shareholder acceptance and regulatory approvals, Canal+ secured operational control of MultiChoice in 2025 before finalising the compulsory acquisition of remaining shares to complete the full subsidiary transfer this month.
The transaction required MultiChoice to restructure parts of its domestic operations to satisfy South African broadcasting ownership laws and antitrust conditions. As part of its regulatory commitments, Canal+ also secured a secondary listing on the Johannesburg Stock Exchange on June 3, 2026, allowing local investors to retain exposure to the business even after MultiChoice’s delisting.
The combined group now serves more than 40 million subscribers through brands including DStv, GOtv, Showmax and SuperSport, alongside Canal+’s existing pay television and streaming platforms across Europe and French-speaking Africa. Canal+ built its strongest presence in Francophone African markets, while MultiChoice’s stronghold has been in South Africa, Nigeria, Kenya and other English-speaking territories, giving the enlarged group complementary coverage across the continent.
Industry watchers say the deal reshapes Africa’s pay television and streaming landscape at a time when competition is intensifying and advertising revenues remain under pressure. Canal+ has signalled it will review its direct-to-consumer strategy, including the future shape of Showmax, as it seeks stronger returns on its African investments. DStv prices in Nigeria and other markets were held steady in April 2026 pending the outcome of that broader pricing review.
With the acquisition now complete, attention turns to how Canal+ integrates operations while preserving MultiChoice’s consumer brands and sports broadcasting strength, particularly SuperSport’s grip on football, rugby, cricket and Formula One rights.
