The Competition Tribunal of South Africa has conditionally approved the proposed merger between French media conglomerate Groupe Canal+ SAS (Canal+) and South African pay-TV operator MultiChoice Group Limited.
The merger marks a significant shift in Africa’s broadcasting landscape, paving the way for Canal+ to take full control of one of the continent’s largest pay-TV companies. MultiChoice Group operates in South Africa and across Sub-Saharan Africa, with subsidiaries including DStv, Showmax, SuperSport, and other media assets. The company cited increasing global competition in the streaming market and growing financial pressures as key motivations behind the merger.
Canal+, a division of a global media enterprise involved in content production, advertising, and video game development, already owns more than 45% of MultiChoice Group. In 2024, it made a mandatory offer to acquire the remaining shares under South Africa’s Companies Act 71 of 2008 (as amended), excluding treasury shares.
Tribunal Proceedings and Stakeholder Input
An urgent hearing was requested by both Canal+ and MultiChoice, which the Tribunal granted due to the absence of objections from third parties. The hearing was held on July 17 and 18, 2025, and the Tribunal issued its ruling on July 22.
Oral submissions were made by the Competition Commission, the merging parties, the Department of Trade, Industry and Competition, Media Monitoring Africa (a nonprofit focused on ethical journalism), and Pambili Media (a cinematic storytelling agency). The South African Broadcasting Corporation (SABC) initially intended to participate but withdrew before the hearing, confirming it did not oppose the merger.
The Competition Commission recommended the merger’s approval, subject to a set of conditions negotiated with the merging parties. These were further refined during the Tribunal’s hearing to enhance their enforceability and monitorability. Ongoing reporting and oversight mechanisms will ensure compliance.
Key Conditions of the Merger
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Job Security: Canal+, MultiChoice Group Limited, and MultiChoice (Pty) Ltd (“LicenceCo”) have committed not to retrench any South African employees as a result of the merger for a period of three years from its implementation. Additionally, they have pledged that employment terms and conditions will not be adversely affected.
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Separation of LicenceCo: Before the merger takes effect, LicenceCo—MultiChoice Group’s subsidiary that holds its broadcasting license—will be carved out and excluded from the transaction. This measure is in line with Section 64 of the Electronic Communications Act 36 of 2005, which bars foreign entities from controlling broadcasting services in South Africa.
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Local Incorporation: Both MultiChoice Group and LicenceCo will remain incorporated and headquartered in South Africa. The carve-out and other aspects of the transaction remain subject to necessary regulatory approvals.
This landmark transaction, once fully implemented, is expected to reshape Africa’s media ecosystem and amplify Canal+’s footprint on the continent.
Source: Competition Tribunal of South Africa
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