South Africa’s Competition Tribunal has granted conditional approval to French media giant Canal+ for its takeover of MultiChoice Group—a deal valued at approximately R35 billion (~US$2 billion). This decision follows a comprehensive review by the Competition Commission.

Why the Merger Matters

MultiChoice has expressed that it lacks the necessary scale to effectively compete with global streaming giants like Netflix and Disney+. The strategic partnership with Canal+ is expected to enhance content production, technological infrastructure, and subscriber experience across Africa.

What “Approved Subject to Conditions” Means

The Tribunal’s approval is conditional upon a robust set of public interest obligations to ensure positive outcomes in terms of job security, local ownership, and investment:

  • Employment protection: A three-year moratorium on retrenchments following the merger.

  • Broad-based ownership: The broadcasting arm—LicenceCo—must be majority-owned by historically disadvantaged persons (HDPs) and workers.

  • Local incorporation: MultiChoice must remain headquartered and registered in South Africa, with a secondary listing on the local stock exchange.

  • R26 billion public-interest package: Over three years, funding will support local content production, procurement from HDPs and SMMEs, skills and sports development, and export of South African creative works.

  • News plurality: LicenceCo is obligated to continue sourcing and broadcasting a diverse array of South African news content.

  • Support for local suppliers: Procurement commitments ensure ongoing partnerships with HDPs, SMMEs, and local content creators.

Structural Safeguards for Foreign-Ownership Compliance

To meet South African broadcasting laws:

  • The licence-holding entity, LicenceCo, will operate independently.

  • Canal+ may hold up to 49% of the economic interest but is limited to a maximum of 20% voting rights.

  • Majority voting rights will be held by HDPs and local workers.

Next Steps & Timeline

  • Canal+ has initiated a mandatory cash offer of R125 per share for the remaining MultiChoice shares.

  • The parties aim to finalize the merger by the 8 October 2025 long‑stop date, implementing all necessary conditions and structural changes.

In Summary

The Competition Tribunal’s approval subject to conditions ensures that, while the Canal+–MultiChoice merger proceeds, essential safeguards are in place. With commitments to employment protection, local empowerment, and substantial investment, the newly positioned media group is ready to shape Africa’s media future and compete globally.

Annual Results Canal + MultiChoice