Canal+ Secures Green Light for $2 Billion MultiChoice Acquisition
Canal+ has successfully navigated regulatory obstacles and shareholder approvals, paving the way for its $2 billion takeover of MultiChoice, the South African pay-TV giant. The deal, which has been closely watched in the African media landscape, was officially declared unconditional on Monday, September 22, 2025, marking a significant shift in the continent’s broadcasting sector. The completion of this acquisition positions Canal+ as a dominant force in African entertainment and media.
Resolving Regulatory Hurdles in South Africa
A key challenge for the acquisition was South Africa’s broadcasting regulations, which limit foreign ownership to 20%. To address this, MultiChoice strategically restructured its licensing framework. The company established a new entity called LicenceCo, which now holds the crucial broadcasting license. Under this arrangement, MultiChoice maintains a 20% voting stake in LicenceCo, alongside a more substantial 49% economic interest. The remaining shares are allocated to historically disadvantaged persons (HDPs) and other South African entities. This includes Phuthuma Nathi, a long-standing empowerment partner, and the MultiChoice Workers Trust, ensuring local participation and empowerment within the new structure. The innovative solution proved pivotal in gaining the necessary approvals from the Independent Communications Authority of South Africa (ICASA) and the Competition Tribunal, ultimately clearing the path for Canal+’s successful acquisition.
With all conditions met, Canal+’s acquisition of MultiChoice is poised to reshape the African pay-TV market, potentially bringing new investment, content, and innovation to the sector. The strategic restructuring of MultiChoice’s licensing framework demonstrates a commitment to complying with local regulations and fostering economic empowerment within South Africa.
Keywords
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