The merger between French group CANAL+ and South African operator MultiChoice is a major event in the African audiovisual landscape. CANAL+'s takeover of MultiChoice is expected to result, in April 2025, in the creation of a leading player in the African pay-TV market.
A multi-step process
The entire year 2024 was devoted to the buyout process:
After gradually increasing its stake in Multichoice, CANAL+ made an initial offer in February 2024, which was rejected by MultiChoice, which considered that the offer was below its true value. CANAL+ then raised its offer in March 2024, offering a significant premium over the market value of the share, while continuing to buy back shares.
After acquiring a 40% stake in MultiChoice in April 2024, CANAL+ was required by South African regulations to make a mandatory offer to acquire all remaining shares. This offer was deemed "fair and reasonable," prompting MultiChoice's Independent Board to recommend it to shareholders.
An African leader in pay TV
Already present in 25 French-speaking African countries with 8 million subscribers, the CANAL+ group is seeking, through this acquisition, to extend its influence in the English-speaking and Portuguese-speaking markets where MultiChoice operates. Together, the two entities would represent a group capable of competing with global media giants while supporting creative and local ecosystems.
This context is accompanied by a change in leadership at MultiChoice South Africa. Byron du Plessis, currently Chief Financial Officer, will succeed Marc Jury as Chief Executive Officer effective December 1, 2024. With 13 years of experience within the group, Byron du Plessis has played a central role in strategic projects, including the separation of MultiChoice from Napsters in 2020 and the ongoing acquisition by CANAL+.
At the end of December, CANAL+ formalized its exit from the Vivendi group and was listed on the London Stock Exchange on December 16, opening up opportunities for it, particularly in terms of access to South African investors.
A Shared Vision for the Future
This merger aims to consolidate African entertainment offerings by promoting local stories and creative talent from across the continent. Maxime Saada, Chairman of the Executive Board of CANAL+, highlighted the potential synergies between the two groups:
"By combining our content portfolios and local roots, we will create a continental champion."
In a few months, if all goes well, this project will become a reality, giving CANAL+ and MultiChoice the opportunity to shape the future of the pay-TV market in Africa in the long term.