Canal+ Takeover to Culminate in MultiChoice Delisting from Johannesburg Stock Exchange on December 10

African entertainment powerhouse MultiChoice Group will officially delist from the Johannesburg Stock Exchange (JSE) on December 10, 2025, marking the end of its six-year run as a publicly traded company.

The decision follows French media giant Canal+ securing over 90 percent control of MultiChoice, effectively completing a full takeover that will fold the South African pay-TV operator into one of the world’s largest media conglomerates.

In a notice to shareholders released Friday, MultiChoice confirmed that trading of its shares on both the JSE and A2X Markets will be suspended starting October 27, 2025, pending final regulatory approval from the JSE, A2X, and the Financial Surveillance Department of the South African Reserve Bank.

The company said the delisting will proceed once all procedural requirements are fulfilled and regulatory consents obtained. The move marks the latest stage in Canal+’s multi-year strategy to consolidate its holdings in MultiChoice, a process that began in early 2024 and culminated this year with the French group crossing the 90 percent ownership threshold required for a compulsory acquisition.

Canal+ invokes compulsory acquisition rights

By reaching 90 percent control, Canal+ triggered Section 124(1) of South Africa’s Companies Act, allowing it to compulsorily acquire all remaining MultiChoice shares from minority shareholders who did not accept its initial takeover offer. The acquisition will occur on the same terms and offer price presented during the original bid.

“The Remaining MultiChoice Shareholders are reminded of their rights to apply to a court of competent jurisdiction within 30 business days after receiving the Notice in terms of section 124(2) of the Companies Act (‘Section 124(2) Rights’),” the company stated.

If no legal objections arise within the 30-day window, Canal+ will finalize the compulsory acquisition approximately six weeks after the notice date, officially transforming MultiChoice into a wholly owned subsidiary of the French media conglomerate.

The delisting represents the closing chapter of MultiChoice’s public trading journey, which began in 2019 after its spin-off from Naspers, South Africa’s largest technology investor. The company grew into Africa’s dominant pay-TV provider, serving over 20 million subscribers across 50 countries through platforms such as DStv, GOtv, and Showmax.

Canal+ eyes secondary inward listing on JSE

While MultiChoice exits the local exchange, Canal+ has announced plans to maintain a significant presence in South Africa’s capital markets. Earlier this month, the French company confirmed that it will pursue a secondary inward listing on the JSE following the completion of the MultiChoice acquisition.

The move, Canal+ said, aligns with its broader strategy to expand its African footprint by leveraging MultiChoice’s strong subscriber base, regional distribution networks, and deep understanding of local content markets. Through the secondary listing, South African investors will be able to hold shares directly in the enlarged Canal+ Group, which now commands one of the world’s most extensive pay-TV and streaming portfolios.

Canal+ executives have described the acquisition as “transformational,” combining MultiChoice’s market leadership in African entertainment with Canal+’s production, distribution, and global streaming capabilities. According to Bloomberg, the combined entity will rival the world’s top media conglomerates in scale, with a footprint spanning Europe, Africa, and parts of Asia.

Realignment under new ownership

In September, MultiChoice’s board approved a sweeping restructuring plan to align with Canal+’s corporate structure. The overhaul included major board changes and a shift in the company’s financial year-end, a signal of the full operational integration underway. The $3 billion transaction—Canal+’s largest to date—has also triggered consolidation in content production, sports broadcasting, and digital streaming strategies across the continent.

Under Canal+, MultiChoice is expected to expand its investment in local content creation and streaming innovation through Showmax, its flagship digital platform. The streaming service is viewed as a key pillar of Canal+’s Africa growth strategy and is expected to compete more directly with Netflix, Amazon Prime Video, and other international streaming services seeking to capture African audiences.

Industry implications and market outlook

The delisting marks a fresh episode of foreign consolidation in Africa’s media landscape, where capital-intensive pay-TV and streaming operations are increasingly merging with global players for survival and scale. Canal+’s acquisition grants it access to over 50 African markets, a growing youth demographic, and an expanding broadband infrastructure that will be vital for its long-term streaming ambitions.

For South Africa’s capital markets, the exit of MultiChoice represents the loss of one of the JSE’s largest consumer entertainment stocks. However, the planned Canal+ inward listing may help offset that impact by allowing local investors to maintain exposure to Africa’s most valuable entertainment brand through an international structure.

Market analysts view the move as a consolidation of control rather than a retreat from the region. “Canal+’s full acquisition of MultiChoice marks the end of an era for South Africa’s pay-TV independence, but it also represents a new phase of capital inflow and global integration,” said one Johannesburg-based investment strategist familiar with the deal.

Pending regulatory clearance, MultiChoice’s December 10 delisting will officially complete one of Africa’s most significant media mergers to date—cementing Canal+’s position as the dominant pay-TV and streaming operator across the continent.