South Africa’s Competition Tribunal has granted conditional approval for French media giant Canal+ to acquire pay-TV operator MultiChoice Group, a deal valued at approximately R35 billion (US$2 billion). The ruling marks the conclusion of the domestic regulatory review and clears the way for the transaction to close ahead of the October 8 long‑stop date.
In a formal statement, the Tribunal followed a positive recommendation from the Competition Commission in May, which had found that the proposed transaction was “unlikely to substantially lessen or prevent competition in any market.” That recommendation was contingent on binding public interest conditions.
The Tribunal’s decision follows a merger hearing during which oral submissions were made by: the Competition Commission (Commission); the merger parties; the Department of Trade, Industry and Competition (the dtic); Media Monitoring Africa (a non-profit organisation for ethical and fair journalism); and Pambili Media (a film and creative agency specialising in cinematic storytelling).
The SABC also intended to participate but, prior to the hearing, informed the Tribunal of its decision to withdraw. It confirmed that it did not oppose the proposed Canal+ MultiChoice merger. The Black Business Council also made written submissions but did not participate in the proceedings. Zazi PN (SPV) (Pty) Ltd (Zazi), an investment holding firm, made written submissions but subsequently withdrew its participation.
The Tribunal’s approval concludes the review process under the Competition Act, prompting both companies to proceed towards closing.
During the hearing, Media Monitoring Africa made submissions about media plurality as well as the potential impact of the proposed merger on the constitutional rights to freedom of expression and access to information.
It emphasised the importance of certain of the conditions recommended by the Commission and asked for better monitoring provisions to be included in the conditions to be imposed by the Tribunal.
Pambili Media made submissions about: the lack of ownership of audiovisual content by content creators who supply content to the likes of Multichoice, who become owners of the content (under copyright laws); increasing the procurement of local audiovisual content from Historically Disadvantaged Persons (HDPs); and share ownership by local content creators in the merged entity.
Canal+, an established international broadcaster that spun off from Vivendi in late 2024, first made a firm offer for MultiChoice at R125 per share. The total valuation, including shares already owned, amounts to roughly R55 billion.
To comply with South Africa’s Electronic Communications Act which limits foreign ownership of broadcast licence holders to 20% voting rights, the parties agreed to carve out MultiChoice (Pty) Ltd, the licence‑holding entity referred to as “LicenceCo.” LicenceCo will become an independent entity majority-owned by Historically Disadvantaged Persons (HDPs) and workers. Canal+ will retain economic interest in the broader group while limiting its voting stake in LicenceCo to the legal threshold.
The Canal+ MultiChoice merger is subject to a robust public interest package valued at approximately R26 billion over three years, aimed at supporting local content, employment, supplier development and community upliftment. Key conditions include:
A three-year moratorium on retrenchments post-merger.
Increased shareholding by HDPs and workers in both LicenceCo and the parent MultiChoice Group.
Mandatory supplier development with procurement quotas favouring HDPs and small‑medium enterprises.
Continued funding for South African general entertainment and sports content, including support for local production.
Guarantees for plurality in television news and diversity in content sourcing.
Investments in skills development, sports initiatives and export promotion of South African audiovisual works.
This acquisition represents one of the largest media transactions in African history and underlines growing consolidation in the continent’s subscription television and streaming landscape. MultiChoice currently serves over 19 million subscribers across sub‑Saharan Africa, including flagship services such as DStv and Showmax.
While global streaming platforms such as Netflix and regional challengers intensify competition, Canal+ sees the Canal+ MultiChoice merger as a strategic investment in Africa’s high‑growth video entertainment market.
However, critics have previously raised concerns about market concentration, particularly in regard to sports broadcasting rights and multichannel content exclusivity. The Competition Commission’s review notably did not impose specific requirements for unbundling content rights, despite previous formal complaints from local broadcasters.
The companies are expected to fulfil all Tribunal‑imposed conditions and complete the transaction before the 8 October 2025 deadline. Implementation steps include carving out LicenceCo, finalising share allocations to HDP and worker groups, and initiating the public interest commitments programme.
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