Video entertainment group MultiChoice is preparing for a new chapter, as it moves towards delisting from South Africa’s stock exchanges, following Canal+’s successful takeover.
The shift marks one of the most significant shake-ups in the country’s media and broadcasting landscape in years, signalling the end of MultiChoice’s long run as a publicly traded local giant and the beginning of a new era under the French pay-TV powerhouse.
In a statement on the Stock Exchange News Service (SENS) yesterday, MultiChoice referred shareholders to the announcement published by Canal+ on SENS on 24 October. This related to the exercise by the French media giant of its right in terms of section 124(1) of the Companies Act to compulsorily acquire all the remaining ordinary shares of MultiChoice, excluding treasury shares and any shares already held by Canal+ and its related or inter-related persons, in accordance with the timetable set out in such announcement (the Squeeze-Out Notice).
The Squeeze-Out Notice confirmed that following Canal+’s compulsory acquisition of the remaining MultiChoice shares, with effect from 5 December, the ordinary shares of MultiChoice would be delisted from the JSE and the A2X with effect from 10 December 2025, subject to certain regulatory approvals being obtained from the JSE, the A2X and the Financial Surveillance Department of the South African Reserve Bank.
“Shareholders are hereby advised that Canal+ completed its compulsory acquisition of the remaining MultiChoice shares with effect from Friday, 5 December 2025, and has paid the necessary consideration for the remaining MultiChoice shares to MultiChoice in accordance with section 124(5)(a)(ii) of the Companies Act, 71 of 2008, and that the aforementioned approvals for the delisting have been obtained,” says MultiChoice.
“Accordingly, the delisting will proceed upon commencement of trading on the JSE and A2X on Wednesday, 10 December 2025, as envisaged in the timetable set out in the Squeeze-Out Notice.”
MultiChoice listed on the JSE in February 2019.
Following the takeover by Canal+, the combined group will serve more than 40 million subscribers across close to 70 countries in Africa, Europe and Asia, supported by a workforce of approximately 17 000 employees.
Furthermore, MultiChoice tells shareholders that Canal+ remains committed to fulfilling its obligations under the conditions imposed by the South African competition authorities in connection with the acquisition, and intends to proceed with a secondary inward listing on the JSE within nine months following the effective date of the delisting, in accordance with the timetable and procedures envisaged in the relevant regulatory approvals.
MultiChoice began in the mid-1980s as M-Net and grew into Africa’s biggest pay-TV group through DStv and SuperSport, expanding across the continent with exclusive sports and local entertainment.
By the mid-2010s, however, global streaming competition, rising content costs, affordability pressures, piracy and changing viewing habits started to weaken its traditional subscription model.
From 2023 to 2025, these pressures accelerated, as MultiChoice lost nearly three million linear subscribers and saw subscription revenues fall sharply, putting the company under financial strain.
At the same time, French media group Canal+ – already a major shareholder – pursued full ownership.
After receiving regulatory approvals, Canal+ launched a mandatory offer and later exercised its statutory right to compulsorily acquire all remaining shares in 2025.
The acquisition was driven by MultiChoice’s declining subscriber base, weakening revenues and the strategic value of scale for Canal+ in the African pay-TV and streaming market.
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