Canal+ Finalises MultiChoice Acquisition, Reorganises Board, and Aligns Global Strategy

MultiChoice Group Limited  has confirmed that Canal+’s  mandatory offer to acquire all outstanding shares in the African pay-TV giant has become unconditional, cementing one of the most significant media transactions in recent history.

The acquisition sees French broadcaster Canal+ assume effective control of MultiChoice, a move that establishes a global media powerhouse with over 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia, supported by a workforce of around 17,000 employees.

Foreign Shareholder Voting Rights Resolved

One of the key regulatory hurdles—South Africa’s foreign ownership restrictions on broadcasting licensees—has now been addressed. Following a group reorganisation, MultiChoice’s broadcasting licence is held by a newly structured entity, LicenceCo, ensuring compliance with the Electronic Communications Act. This has removed restrictions on voting rights, meaning foreign shareholders, including Canal+, can now fully exercise their votes.

Canal+ Shareholding and Offer Progress

As of 19 September 2025, Canal+ already directly owned 46% of MultiChoice, with an additional 2.2% tendered under the offer, firmly placing the French media group in control. The offer, priced at ZAR125 per share in cash, remains open until 10 October 2025. Payment timelines for accepting shareholders are staggered between 1 October and 17 October 2025.

Board and Leadership Shake-Up

With the Canal+ offer now unconditional, MultiChoice’s board has been restructured to reflect the new ownership balance. The revamped board blends Canal+ appointees with existing independent directors, ensuring oversight while introducing new international expertise.

New Canal+ appointments to the board:

• Maxime Saada – appointed as Chairman (also CEO of Canal+).
• David Mignot – named Chief Executive Officer of MultiChoice and Canal+ Africa.
• Nicolas Dandoy – appointed Chief Financial Officer of MultiChoice and Canal+ Africa.
• Jacques du Puy – joins as Executive Director.

Independent directors continuing on the board:

• Elias Masilela (Lead Independent Director)
• Kgomotso Moroka
• Louisa Stephens
• Deborah Klein
• James du Preez

Outgoing directors stepping down with immediate effect:

• Calvo Mawela (former CEO, MultiChoice)
• Timothy Jacobs (former CFO, MultiChoice)
• Christine Sabwa
• Dr. Fatai Sanusi
• Andrea Zappia

Although stepping off the board, Calvo Mawela will continue to play a pivotal role as Chair of Canal+ Africa, overseeing operations across the continent. Former CFO Timothy Jacobs will also remain within the merged group, taking up a senior finance position.

In the coming weeks, a shareholder general meeting will be held to confirm the new appointments and to vote on the addition of:

• Anant Singh (Independent Non-Executive Director)
• Amandine Ferre (Executive Director)
• Mireille Kabamba (Non-Executive Director)

“Today marks an important step forward for CANAL+, as we begin to integrate MultiChoice to create a group with enhanced scale, reach and creativity. Our combined company is unique, a true global media and entertainment powerhouse, serving more than 40 million subscribers across close to 70 countries. This combination increases our ability to invest in creative and sporting content throughout Europe, Africa and Asia. We will be able to leverage the diverse talent which sits throughout the group to bring to life compelling local and international stories, both from our in-house production studio STUDIOCANAL and global platforms, and the best national and global sports, all on a world leading platform. As we step forward together, I am pleased we have delivered on a key part of the strategy we set out as we became a listed company in our own right last year, strengthening our position in the highest-growth payTV markets in the world – Africa-, while continuing to deepen our leading position in Europe. I want to thank the teams at CANAL+ and MultiChoice who have made this transaction a reality. We will now begin to integrate MultiChoice, delivering greater value for all stakeholders. I look forward to providing the market with a more detailed update on the strategy of our combined group during the first quarter of next year.”

-Maxime Saada, CEO, CANAL+ 

“Today we are starting an exciting new journey, one that will bring fresh opportunities for growth and success for our company and the entire African media industry. Over the past three decades we’ve built something special – grounded in innovation, resilience and a shared commitment to bring great content to our audiences. Going forward, this commitment remains unchanged to our audiences everywhere. The new combined leadership team brings a strong vision and deep expertise to the whole CANAL+ Africa business, which will take the group to greater heights. Through our combined scale, shared strengths and expanded capabilities, we are set to deliver more value to our customers, great entertainment for our audiences and ongoing support to the communities we serve.”

-Calvo Mawela, Chair, CANAL+ Africa

“As a combined company, we are building on strong foundations to create a media and entertainment powerhouse to serve African consumers. I am proud to lead Canal+’s operations across the continent, including our operations in South Africa. Canal+ and MultiChoice have both been pioneers, and we are now uniting our cultures of excellence, creativity, technology, and storytelling to create something unique. Together, we will harness digital innovation, from streaming and mobile platforms to advanced distribution, to expand access, enhance experiences, and bring compelling programming to more homes, while giving Africa a stronger voice on the world stage.”

-David Mignot, CEO, CANAL+ Africa

MultiChoice will align its reporting calendar with Canal+, shifting its financial year-end from 31 March to 31 December. Interim and audited results will be published in line with JSE requirements, with the first reporting cycle covering the nine months ending 31 December 2025.