French media powerhouse Canal+ has secured conditional approval to purchase the remaining shares in MultiChoice Group Limited, bringing its ownership of the African pay-TV giant to a full 100 per cent.

This decision, handed down by South Africa’s Competition Tribunal, comes with legally binding safeguards designed to protect workers and uphold transformation laws in the country’s media sector.

Central to the ruling is a strict three-year moratorium on retrenchments for South African employees across Canal+, MultiChoice Group Limited, and MultiChoice (Pty) Ltd—collectively referred to as “LicenceCo.”

According to the Tribunal, “the merger will not negatively impact existing terms and conditions of employment for South African staff.”

The green light allows Canal+ to extend its current 45 per cent stake to full control, but only under an agreement that preserves jobs and sustains efforts in broad-based black economic empowerment.

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One such condition involves carving out MultiChoice’s broadcasting division—LicenceCo—as an independent entity to meet South Africa’s local ownership regulations.

This regulatory milestone arrives as MultiChoice navigates a challenging commercial landscape.

The company, a major provider of entertainment services across 50 African countries, has witnessed a slump in its subscriber base and revenue.

Pay-TV subscriptions dropped to 14.5 million, while Kenyan platforms DStv and GOtv recorded a 15 per cent decline in uptake.

The slump has been linked to back-to-back price increases in April and October last year.

The latter prompted a legal backlash in Nigeria, reflecting growing frustration over rising content costs during a time of mounting economic strain.

MultiChoice confirmed in its annual report: “Active subscribers declined 7 per cent YoY, with Nigeria accounting for over half of this decline.

At year-end the customer base totalled 7.5 million, similar to what was reported at the interim stage.”

Despite these declines, Showmax—its streaming subsidiary—managed to buck the trend, posting a 44 per cent year-on-year jump in paying users after a pricing revision in March.

MultiChoice also made a financial recovery in the face of adversity.

For the year ending March 31, 2025, the group posted a net profit of over US$100 million, equivalent to approximately Sh15.5 billion.

However, this came as total revenue dipped by 9 per cent, a downturn attributed to weakening currencies, a tough consumer environment, and the winding down of its insurance operations.

Canal+’s complete takeover, now backed by enforceable local conditions, sets the stage for a new chapter in African broadcasting—one where global capital meets local commitments.