In a landmark deal that will reshape Africa’s broadcasting landscape, French media group Canal+ has secured final approval to acquire full ownership of MultiChoice, the South African-based pay-TV giant behind DStv and GOtv.

The $3 billion all-cash deal—which gives Canal+ the remaining 55% stake it did not already own—received conditional approval from South Africa’s Competition Tribunal on Tuesday, marking the end of MultiChoice’s three-decade run as an independent African-owned broadcaster.

Canal+ is targeting October 8, 2025, to conclude the acquisition, pending final approvals from South Africa’s broadcasting regulator, ICASA, and the Johannesburg Stock Exchange.

Canal+ Merger: Regulatory Greenlight with Strings Attached

The South African Competition Tribunal granted Canal+ conditional approval to proceed with the acquisition, but only after imposing a series of stringent public interest conditions designed to protect South Africa’s media sovereignty and economic participation:

• Content Investment: Canal+ must inject at least R26 billion (over $1.4 billion) over the next five years into South African content production, sports rights, skills development, and technological upgrades.
• Job Protection: MultiChoice cannot initiate retrenchments for at least three years following the deal’s conclusion.
• Ownership Requirements: Canal+ will spin off MultiChoice South Africa’s broadcasting license into a separate entity (dubbed “LicenceCo”), which must remain majority-owned by Historically Disadvantaged Persons (HDPs). This is to comply with South Africa’s Electronic Communications Act, which caps foreign ownership of licensed broadcasters at 20%.
• Worker Ownership: Employees of the newly carved-out LicenceCo must also own a shareholding stake, ensuring local participation in the ownership structure.
• Support for Local Enterprises: Canal+ will expand its procurement and partnerships with South African small and micro enterprises (SMMEs), HDP-owned companies, and local suppliers across the media value chain.

MultiChoice’s Struggle to Stay Afloat in Africa

Once a dominant force across sub-Saharan Africa, MultiChoice has in recent years battled falling revenues, shrinking subscriber bases, inflationary pressures, and a deluge of competition from global streaming platforms. In Nigeria—its largest market—the company has faced a particularly bruising period.

Early this month, Multichoice was fined N766.2 million by the Nigeria Data Protection Commission (NDPC) for violating the Nigeria Data Protection Act (NDP Act) in what is now the most significant enforcement action since the law came into force in 2023.

In May 2024, MultiChoice Nigeria suffered a major blow when the Competition and Consumer Protection Tribunal in Abuja ordered it to refund Nigerian subscribers and pay a N150 million fine for increasing subscription prices in defiance of a court order. The company’s appeal failed to block enforcement, escalating its legal woes in the country.

Even more damaging has been the hemorrhaging of its Nigerian subscriber base. Between 2023 and early 2024, MultiChoice lost over 1.3 million Nigerian customers, representing nearly 43% of its total base in the country, amid rising economic hardship and pushback against frequent price hikes. In its most recent financial year, MultiChoice reported over 9 billion rand in losses (approximately $500 million), underlining mounting challenges across Africa’s top markets.

What This Means for Canal+ and African Broadcasting

For Canal+, which already operates in 25 African countries with over 8 million subscribers, the acquisition opens a direct path to MultiChoice’s 14.5 million subscribers across 50 sub-Saharan nations. The merger combines Canal+’s French-language markets with MultiChoice’s dominance in English- and Portuguese-speaking regions, establishing a continental media powerhouse capable of challenging global streamers like Netflix, Amazon Prime, and Disney+.

Canal+ CEO Maxime Saada said the deal positions the group to become “a true champion for Africa” in pay-TV and streaming. MultiChoice CEO Calvo Mawela echoed the sentiment, noting that the acquisition would ensure continued investment in local content and technological innovation.

Despite its losses, MultiChoice still boasts a vast infrastructure spanning satellite, terrestrial (GOtv), and streaming platforms (Showmax). With Canal+’s global backing, the combined company is expected to:

• Expand local-language programming.
• Deepen mobile streaming capabilities across Africa’s fast-growing smartphone market.
• Retain high-demand premium sports content like the English Premier League through SuperSport.

Canal+ originally began acquiring shares in MultiChoice in 2020. By April 2024, it had built its stake to over 45% and subsequently triggered a mandatory takeover offer. After months of negotiations and regulatory scrutiny, this week’s approval finalizes a transaction that has long loomed over Africa’s media sector.

The End of an Era

Founded in 1985, MultiChoice grew into Africa’s largest satellite television company under South African ownership. Its flagship brand, DStv, dominated premium entertainment across the continent for decades. The full takeover by Canal+ marks the end of its independence—and the beginning of a new chapter driven by global capital and expanding European-African synergy in media production.

Analysts believe the Canal+–MultiChoice merger sets a precedent for the scale and structure of future media ownership on the continent, especially as Africa’s media sector becomes increasingly globalized. Time will tell whether this translates into more affordable and diverse content for consumers, or simply consolidates power among fewer, richer hands.

Airtel Africa has posted a powerful rebound in its financial performance for the first quarter of the 2025/2026 financial year, ending June 30, 2025, recording a pre-tax profit of $273 million, marking a 269% surge from the same period last year.

The group’s profit before tax in just this quarter represents 41% of its total earnings for the full year ended March 31, 2025—an early signal that this fiscal year may outperform market expectations.

Net profit after tax came in even stronger at $156 million, a year-on-year growth of 408%, and already accounts for 48% of the group’s full-year earnings posted three months earlier. The exceptional results come amid a recovery in macroeconomic conditions across Airtel’s key African markets, especially Nigeria, where recent tariff adjustments sharply lifted revenue.

Revenue Hits $1.415 Billion as Tariff Adjustments and Digital Expansion Pay Off

Group revenue rose to $1.415 billion, showing a 24.9% growth in constant currency and 22.4% in reported currency, reflecting easing currency pressures, stronger mobile data uptake, and a customer-focused growth strategy. According to the company’s earnings report, the acceleration in revenue growth from the previous quarter was “driven by tariff adjustments in Nigeria and a strong performance in Francophone Africa.”

The Nigerian business remains a significant growth engine. Revenue in Nigeria alone rose 35.2% in constant currency, largely due to the implementation of new mobile tariffs and increased data penetration. Francophone Africa also delivered strong numbers, growing 15.7% year-on-year.

Customer Base Grows to 151.2 Million as Data Usage Surges

The company’s total customer base grew by 9%, reaching 151.2 million, driven largely by increased demand for data services. Data customers now stand at 75.6 million, up 17.4% compared to the same period in 2024. The growth comes amid the company’s continued focus on digitization and expansion of 4G and 5G networks.

CEO Sunil Taldar said the result was a reflection of “sustained demand for our services and the strength of our business model to meet these demands.” He added that Airtel Africa’s performance was driven by “relentless focus on digitization and simplifying the customer experience.”

Operating Profit Up 29%, Margins Improve Despite Spending on Expansion

Airtel’s operating profit rose by 29% to $446 million, while the EBITDA margin for mobile services improved to 46.8%, up 240 basis points. The company maintained tight control of costs even as it increased marketing spend and network investments across multiple markets.

Its capital expenditure for the quarter stood at $121 million, down 18% from the same period a year ago. However, the company said it would maintain full-year capex guidance between $725 million and $750 million, indicating continued investment in infrastructure and service delivery.

Currency Gains and Tax Credits Add to Profit Surge

Airtel Africa also recorded $42 million in tax credits following the revaluation of the naira and recognition of deferred tax assets in Nigeria. Additionally, a $22 million foreign exchange gain was booked from the appreciation of the Central African CFA franc, reversing losses suffered last year due to currency devaluation across several markets.

In recent years, currency depreciation in Nigeria, Malawi, Zambia, and Kenya has created major headwinds. But over the last three quarters, those pressures have eased considerably, helping to stabilize the company’s balance sheet and income statement.

Interest Costs and Debt Position

Finance costs rose by 8.2% year-on-year due to increased OpCo and lease-related borrowings. However, the company noted that 95% of its operational debt is now denominated in local currencies, a strategic shift aimed at minimizing exchange rate risks that had previously eroded earnings.

The group’s net debt stood at $3.3 billion, a moderate figure relative to cash flows, as Airtel continues to balance aggressive expansion with debt discipline.

With nearly half of last year’s net profit already matched in just the first quarter, analysts expect Airtel Africa to comfortably outperform its previous earnings benchmarks if current macroeconomic and operational trends continue. The company is also optimistic about growth in mobile money and data services, especially as smartphone penetration in its markets remains low, at about 46%.