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Canal+ is pressing ahead with its plans for a secondary inward listing on South Africa’s stock exchange, as the French media giant finalises its full takeover of MultiChoice Group Ltd.
Canal+ is pressing ahead with its plans for a secondary inward listing on South Africa’s stock exchange, marking a new phase in the French media giant’s full takeover of MultiChoice Group Ltd., Africa’s largest pay-TV company.
In a statement released on Monday, Canal+ said it will first delist MultiChoice from the Johannesburg Stock Exchange (JSE) before pursuing a secondary inward listing of Canal+ by introduction, a strategic move designed to give South African investors direct access to shares in the expanded global pay-TV and streaming conglomerate.
The plan represents one of the most significant cross-border media integrations in Africa’s corporate history.
Founded in 1985, MultiChoice grew from a small South African satellite TV service into a continental entertainment leader.
Its DSTV brand became synonymous with access to English Premier League football, local storytelling, and Nollywood hits, shaping television habits across more than 50 African countries.
By the early 1990s, the company had established itself as a pioneer of African broadcasting, introducing subscription TV to millions of households at a time when terrestrial television dominated, according to Bloomberg.
Originally part of Napers’s Ltd., MultiChoice was spun off in 2019, giving it greater independence to compete in an increasingly digital media landscape.
A $3 billion bet
The acquisition by Canal+, valued at about $3 billion, now gives the French broadcaster an immediate foothold in Africa’s most important entertainment markets, including South Africa, Nigeria, and Kenya, while strengthening its position as a global media powerhouse.
For Canal+, the deal represents both a commercial and cultural expansion.
The French company, owned by Vivendi SE, already operates in 50 countries, but the African market offers unique growth potential, a young, rapidly urbanising population with rising internet penetration and a growing appetite for on-demand content.
The merger between Canal+ and MultiChoice will create a combined entity with nearly 40 million subscribers, rivalling major global streaming players such as Netflix, Disney+, and Amazon Prime Video in terms of audience reach.
Canal+ has already expressed ambitions to invest heavily in African content production, sports rights, and streaming technology to drive subscriber growth and create jobs in local markets.
In recent years, MultiChoice has faced increasing competition from global streaming services, which have made inroads into Africa’s middle-class households.
However, the company’s local expertise and its established relationships with African filmmakers, sports leagues, and telecom providers give Canal+ a strong platform to compete on local terms.
