Canal+ Completes MultiChoice Takeover: What It Means for Kenya and the Rest of Africa

It’s a deal that has kept analysts, journalists, and the film and TV industry alike speculating since Canal+ first submitted a takeover offer in February 2024. Now, it’s finally done. On 22 September 2025, in the biggest media deal ever in the African continent, Canal+ completed its R35 billion (~$2 billion USD) acquisition of MultiChoice Group (MCG), following conditional approval by South Africa’s Competition Tribunal in July. With nearly 49% of shares under its control and full voting rights, the French pay-TV giant now has full control of Africa’s largest pay-TV operator, creating a combined base of more than 40 million subscribers across 70 countries in Africa, Europe, and Asia.

The integration process has already begun at the top. Outgoing MCG CEO Calvo Mawela has been appointed chairman of Canal+’s Africa operations, while Canal+ executives David Mignot and Nicolas Dandoy step in as CEO and CFO of the combined group, the latter replacing Timothy Jacobs, who will remain in a senior finance role.

But what does this takeover really mean for Kenya and the rest of the continent? Canal+ CEO Maxime Saada, also chair of the new MCG board, has promised a more detailed update on the strategy in the first quarter of 2026. For now, here’s our analysis of what this deal could spell, not only for Kenya but for the future of Africa’s media and entertainment industry.

More Ambitious Projects

MultiChoice has invested in some standout productions over the years, not only in scale but also in concept and quality. Their recent darling, the South African epic drama Shaka iLembe – chronicling the rise of Shaka Zulu – has been billed as the country’s most expensive project yet, with a third and final season set for 2026. Season 1, which took 6 years to make, was praised by Sinema Focus’ Churchill Osimbo as “prestige African TV that transcends entertainment.”

In Kenya, shows such as Pepeta and the trailblazing Subterranea – the country’s first-ever sci-fi series – have stood out, but for the most part, MultiChoice’s slate across both streaming and linear platforms continues to lean heavily on adaptations, telenovelas, and reality franchises. So far, 2025 is yet to produce anything of note. The same goes for Uganda and Tanzania where MultiChoice also actively invests in content.

This is where Canal+ could help shake things up: by commissioning bolder, higher-concept projects in under-explored genres, especially in territories outside South Africa.

It’s worth noting that Crime and Justice, the Kenyan police procedural and legal drama released in 2021, was a MultiChoice and Canal+ co-production. Ambitious in scope, even though uneven in execution, it was the first Showmax Original in the country, drawing on stories ripped from the headlines. In South Africa, Canal+ collaborated on Spinners, a show that Sinema Focus critic Kelvin Kariuki hailed as “a crime drama revving into classic territory.” Earlier in 2022, there was also the epic fantasy Blood Psalms, set in ancient Africa.

These examples show that the Canal+-MultiChoice alliance has been probing ambitious ground way early, and that we’ll see a truly more daring and diverse slate from this acquisition.

Bigger Financial Backing

MultiChoice has been under mounting financial pressure in recent years, with declining DStv and GOtv subscriber numbers, inflation and currency depreciation in key markets such as Nigeria. In the 2024–2025 financial year ending March 2025, the company posted a headline loss of around R800 million (~$45 million USD), while Showmax’s losses widened by 88% to R4.95 billion (~US$285 million) despite a 44% increase in paying subscribers.

Now backed by the financial muscle of Canal+, in a deal that Saada calls “the largest transaction Canal+ has undertaken”, this alliance comes with deep pockets that will bolster MultiChoice’s spend across Africa.

As part of the acquisition conditions set by South Africa’s Competition Tribunal, Canal+ has already committed R26 billion (~$1.5 billion USD) over three years for local content, supplier development, skills training and sports projects in South Africa.

If the words of Saada are anything to go by, then more local content investment is in the horizon. He told Deadline: “Putting more financial resources into this content is the key, because the stories are there in Africa and the talent is there in Africa but what is sometimes lacking is the resources. We’ve seen with Spinners or Shaka iLembe that whenever content is produced with world-class production then it shines and not only in Africa, but this content travels very well outside of Africa.”

However, what’s unclear at this stage is whether these grand commitments will extend to Kenya and other territories, or whether serious budget spend will remain an SA affair.

As it stands, in Kenya, for instance, shrinking production budgets have already forced producers and content commissioners to make concessions: shorter development cycles for projects that undermine quality, more adaptations to cut costs, and fewer high-concept risks.

Will Netflix Bring the Heat?

Over the past year, Netflix has scaled back investment in two of its key African markets – Nigeria and Kenya – while maintaining a solid presence in South Africa, the only country on the continent that continues to enjoy a steady flow of content and active participation from the streamer.

But can the Canal+–MultiChoice deal jolt Netflix back into action, or will Canal+ edge towards monopoly across Africa? In June 2025, Canal+ signed a distribution deal with Netflix to carry its shows in Francophone Africa, a partnership that, combined with the MultiChoice takeover, positions it as a dominant player on the continent.

Critics caution that this dominance could have far-reaching consequences for Africa. At the centre of these concerns is French billionaire Vincent Bolloré whose family holds a controlling stake in Vivendi, Canal+’s parent company. In his analysis for The Continent in May 2024, co-founder and editor Simon Allison warned that the deal “opens the door to far-right nonsense” – citing past allegations where Bolloré has interfered with press freedom in France and in parts of West Africa. According to Allison, Vivendi and Canal+ have dismissed such concerns, saying that MultiChoice is not a news producer.

Tambay Obenson of Akoroko (Sinema Focus’ partner at African Film Press), who’s been following this deal closely, wrote in one of his pieces that “the question isn’t if Canal+ will influence Africa’s media landscape, but how much.” He argues that such dominance hands Canal+ control “from what gets made, to who pays for it, to how it reaches audiences.”

Beyond Netflix, new streaming entrants like Kava (run by Filmhouse Group and Inkblot Studios), Mo Abudu’s upcoming EbonyLife ON Plus, and Circuits are also vying for a slice of African audiences. The larger question is whether they have what it takes to compete with Canal+ and MultiChoice’s combined force.

Where Does the MultiChoice-Comcast Deal Stand?

In February 2024, Showmax relaunched under a new partnership between MultiChoice Group and Comcast’s NBCUniversal and Sky. The deal gave NBCUniversal a 30% stake in Showmax, with MCG retaining the remaining 70%. As part of the arrangement, NBCUniversal and MCG agreed to invest about US$177 million for the 2024 financial year.

While neither MultiChoice nor NBCUniversal has publicly addressed the status of this partnership since Canal+’s takeover, Canal+ will almost certainly inherit the Showmax deal, but how it will affect the original agreement is unclear at this point. Will there be a restructuring of Showmax’s streaming model or offerings? Will Canal+ renegotiate terms of the deal with NBCUniversal?

For now, Showmax has assured subscribers that everything remains the same, according to an email sent out on 22 September. But only time will tell.

Slate Exchange Between StudioCanal and MultiChoice Studios

One of the perks of MultiChoice’s deal with NBCUniversal was that the revamped Showmax gained access to NBCUniversal and Sky’s content library. As a result, Showmax has enjoyed a steady stream of current international titles such as Bel-Air and The Day of the Jackal, alongside films like The Wild Robot, Wicked and Nosferatu.

With the Canal+ deal, we can expect that more StudioCanal titles will be available on MultiChoice platforms and vice versa. Already, Showmax shows such as Crime and Justice and Spinners, along with Mzansi Magic and M-Net hits like Shaka iLembe, Reyka, DiepCity, The Queen and Abomama, can be found on Canal+ in Francophone Africa (and also in France in the case of Spinners).

Beyond the library exchange, the real opportunity lies in whether Canal+ can cultivate a deeper, more meaningful partnership between Anglophone and Francophone Africa, one that enables active cross-market collaborations, co-productions and talent exchange.

Ramped Up Global Distribution and Co-Production Deals

MultiChoice already distributes some of its projects internationally via its sales arm, MultiChoice Studios, as well as through co-production and distribution deals with global players including Fremantle, StudioCanal, Abacus, Lookout Point (BBC Studios-owned), AMC and The Exchange.

Through these partnerships, MultiChoice has co-produced and sold series such as Devil’s Peak (Tubi, North America), White Lies (Sundance Now, North America; STAN, Australia; Channel4, UK), Catch Me a Killer (BritBox, North America; UKTV; SBS Australia), Spinners (Canal+, France; TV Globo, Brazil) and Recipes for Love and Murder (UKTV’s Alibi; Mystery Channel, Japan) to international audiences.

Now, as Saada describes, the combination of Canal+ and MultiChoice forms “a true global media and entertainment powerhouse.” Together, they have the leverage to secure bigger co-production deals and expand the international reach of African titles through StudioCanal’s global distribution network.

As Saada put it: “We will be able to leverage the diverse talent which sits throughout the group to bring to life compelling local and international stories, both from our in-house production studio StudioCanal and global platforms, and the best national and global sports, all on a world leading platform.”

Sports Rights

Live sports, broadcast via SuperSport, remain MultiChoice’s most valuable offering. Exclusive rights to high-demand sports like the Premier League, UEFA Champions League, La Liga, Serie A, rugby, motorsport, tennis, cricket and more have long kept subscribers on DStv and GOtv even as numbers continue to decline. As part of its relaunch package, Showmax also tapped into this strength with the continent’s first-standalone Premier League mobile streaming plan.

Canal+ adds heft through its own portfolio across Francophone Africa: UEFA club competition until 2027, Premier League coverage in the 2025–28 cycle, and the French Ligue 1 coverage through the end of 2028-29 season.

The opportunity here lies in how these two will combine these strengths to leverage in rights negotiations, especially since SuperSport is believed to be overpaying for European football rights; put more investment in local leagues; and offer new packages or bundling models for Africa’s eager sports fans. But the bigger question is whether they can deliver more value without pricing fans out.

More Deep Dives on the Industry Behind the Scenes:

• Where’s the Money? Where’s the Accountability? Kenya’s Creative Economy and the Performance of Progress
• Mid-Year Review: How Kenya’s Film, TV & Theatre Industry Fared in the First Half of 2025
• The Ticking Time Bomb: Inside Kenya’s Unlawful and Unethical Contracts That Are Binding Filmmakers
• Too Expensive, Too Few, Too Unstructured: The Crisis in Kenyan Cinemas and the Case for Saving Them
• Stories We Can’t Tell: The Cost of Censorship in Kenya’s Film Industry
• Butere Girls’ ‘Echoes of War’ and the State’s Deep-Rooted Fear of Critical Theatre
• Cinema Culture in Kenya and Why We Must Win the Goodwill of the Audience
• An Interrogation of Kenyan Cinema: Why Our Films are So Forgettable

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