Photo Credit: Getty Images

The curtain has fallen on a three-decade chapter of South Africa’s pay-TV giant DStv, with French media powerhouse Canal+ now effectively in control of the MultiChoice Group (MCG). The long-anticipated takeover became unconditional on Friday, 19 September 2025, marking the end of an era for the company founded in 1994 as M-Net’s digital satellite division.

 

Both Canal+ and MCG confirmed that all suspensive conditions tied to the deal had either been fulfilled or waived, allowing the offer to proceed. The final hurdle is the issuance of a compliance certificate by the Takeover Regulation Panel under section 121(b) of the Companies Act — expected imminently — after which the settlement process will commence.

As of the close of business on 19 September, Canal+ directly owned 46% of MCG’s shares (excluding treasury shares). An additional 2.2% of shares had already been tendered into the offer, giving Canal+ effective control. The group noted that more shares are expected to flow into Canal+’s hands as the now-unconditional offer continues.

This deal is the largest transaction ever undertaken by Canal+, solidifying its status as a global entertainment leader. Together, the combined entity will serve more than 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia, backed by a workforce of around 17,000 employees.

For South Africa, Canal+ has pledged a robust package of public interest commitments. These include supporting companies owned by Historically Disadvantaged Persons (HDPs) and Small, Micro and Medium Enterprises (SMMEs) within the local audio-visual sector, as well as maintaining funding for general entertainment and sports content produced by South African creators. Subscription and billing arrangements for DStv and Showmax customers will remain unchanged for now.

The merger brings sweeping changes at the top. The new MCG Board, effective from 22 September 2025, is chaired by Maxime Saada, with Elias Masilela serving as Lead Independent Director. David Mignot steps in as CEO and Nicolas Dandoy as CFO. Outgoing CEO Calvo Mawela has resigned from the MCG Board but will chair Canal+’s African operations, while outgoing CFO Timothy Jacobs will remain in a senior finance role within the combined group.

“This combination increases our ability to invest in creative and sporting content throughout Europe, Africa and Asia,” said Saada, hailing the deal as a milestone for the industry.

To comply with South African broadcasting regulations, a new entity — Multichoice Proprietary Limited, or “LicenceCo” — will now hold the broadcasting licence. This ensures local control in line with the Electronic Communications Act, which caps foreign voting rights in broadcasters at 20%. With the restructuring complete, LicenceCo will operate under a South African-controlled governance structure, while the previous voting restrictions on foreign shareholders at MCG have been lifted.

All voting rights, including those attached to Canal+’s shares, will now be fully counted in shareholder resolutions, marking a decisive shift in the governance of South Africa’s largest pay-TV company.

The takeover signals not just the end of MultiChoice’s independent era, but the beginning of a new phase where South African broadcasting becomes part of a broader global media empire.