by The Competition Tribunal of South Africa has conditionally approved the proposed merger between French media group Canal+ and MultiChoice Group, Africa’s leading pay-TV operator. The decision follows a two-day hearing held on 17–18 July 2025, during which multiple stakeholders, including the Competition Commission, the Department of Trade, Industry and Competition, Media Monitoring Africa, and Pambili Media, made submissions. While the SABC and Black Business Council initially engaged, they ultimately did not oppose the merger.
Canal+ already owns over 45% of MultiChoice and plans to acquire the remaining shares via a mandatory cash offer of ZAR 125 ($7.11) per share. However, South Africa’s Electronic Communications Act prohibits foreign control over broadcasting services. To comply, MultiChoice’s broadcast operations (LicenceCo) will be carved out and majority-owned by Historically Disadvantaged Persons (HDPs) and workers. Phuthuma Nathi’s shareholding in LicenceCo will increase, and an employee trust and new HDP shareholders will be introduced.
Crucially, Canal+, MultiChoice, and LicenceCo have committed to maintaining jobs for three years and supporting local content production and procurement from HDPs and SMMEs. Investments will also be made in sports and general entertainment content, CSI programmes such as the MultiChoice Talent Factory and Diski Challenge, and a rollout of the Canal+ University training programme.
Additional conditions include extending the SABC News channel agreement for five years, ensuring news diversity, and sharing broadcast rights for major international sporting events involving South African teams with free-to-air broadcasters.
Both MultiChoice and LicenceCo will remain headquartered in South Africa. Canal+ has also committed to a secondary inward listing on the Johannesburg Stock Exchange within nine months of the merger’s implementation or MultiChoice’s delisting.
Canal+ CEO Maxime Saada welcomed the decision, calling it the final step in the competition process, while MultiChoice CEO Calvo Mawela described it as a strategic milestone for the company. The transaction is expected to be finalised before October 8, 2025.
Read the full terms of the merger here.
