French media giant Canal+ has officially completed its $3 billion acquisition of MultiChoice Group (MCG), marking the largest transaction in its history and creating one of the world’s leading media and entertainment powerhouses.
In a shareholder notice issued Monday, MultiChoice confirmed that as of September 19, 2025, Canal+ directly owned 200,030,591 shares, representing 46% of the group’s issued shares (excluding treasury stock). The deal cements the group’s presence across Africa, Europe, and Asia, serving over 40 million subscribers in nearly 70 countries.
The combined group will employ around 17,000 people globally, with Canal+ set to announce detailed strategic updates, including synergies, in early 2026. For now, MultiChoice subscribers will experience no immediate changes to billing or subscription arrangements.
New Leadership and Board Restructure
To reflect the new ownership structure, MultiChoice has overhauled its board and executive leadership.
- Maxime Saada, Canal+ CEO, now serves as chairman of the board.
- Elias Masilela has been appointed as lead independent director.
- David Mignot steps in as chief executive officer (CEO).
- Nicolas Dandoy becomes chief financial officer (CFO).
- Jacques du Puy joins as executive director.
The new board also includes independent directors Kgomotso Moroka, Louisa Stephens, Deborah Klein, James du Preez, and Masilela.
Departing directors include former CEO Calvo Mawela, former CFO Timothy Jacobs, Christine Sabwa, Dr. Fatai Sanusi, and Andrea Zappia.
Going forward, Mignot and Dandoy will oversee Canal+’s African operations, with Mawela, though stepping down as CEO, appointed chair of African operations. Jacobs will also continue in a senior finance role within the combined group.
MultiChoice Aligns Financial Year-End with Canal+
In addition to governance changes, MultiChoice will shift its financial year-end from March 31 to December 31, aligning with Canal+.
The revised reporting structure includes:
- Interim results for the six months ending September 30, 2025 (to be published within three months).
- Audited results for the nine months ending December 31, 2025 (to be published within three months).
- Integrated annual report and audited financials for the nine months ending December 31, 2025 (to be issued within four months).
This change is expected to improve operational efficiency and harmonize reporting across the group.
Building a Global Entertainment Powerhouse
Commenting on the integration, Canal+ CEO Maxime Saada described the acquisition as a “landmark step in building a true global media and entertainment powerhouse.”
He emphasized that the merger will:
- Expand Canal+’s presence in Africa, one of the fastest-growing pay-TV markets.
- Strengthen leadership in Europe and broaden reach in Asia.
- Boost investments in creative and sporting content across all regions.
“We will leverage diverse talent across the group to bring compelling local and international stories to life, supported by STUDIOCANAL and our global platforms,” Saada stated.
Backstory: Regulatory Approval and Deal Finalization
The acquisition follows the South African Competition Tribunal’s approval in July 2025, clearing regulatory hurdles for one of Africa’s largest media mergers.
Earlier this year, Canal+ surpassed the 35% ownership threshold, triggering a mandatory buyout under South African law. The transaction was concluded ahead of the October 8, 2025 long-stop date.
Key Takeaway
The $3 billion Canal+–MultiChoice deal reshapes the African media landscape and positions the combined entity as a global entertainment leader, poised to deliver greater value through content investments, international reach, and operational synergies.
