Board changes at MultiChoice, as it and Canal+ start implementing a new structure, will only be a lifeline if they deliver tangible returns.
So say analysts after the companies yesterday said final approvals were granted for Canal+’s takeover of MultiChoice Group (MCG), which analysts see as giving the struggling pay-TV operator a much-needed boost.
With all approvals secured for the approximately R55 billion deal, the companies announced changes to the MCG board to ensure suitable Canal+ representation while maintaining independence.
The new board, which is mostly made up of independent directors, has been constituted to ensure stability through the transition, introduce fresh skills and international expertise, and oversee a renewed commercial drive for sustainable growth, they said.
Board members include Maxime Saada as chairman, Elias Masilela as lead independent director, David Mignot as CEO, Nicolas Dandoy as CFO, and Jacques du Puy as executive member. Saada is chairman and CEO of Canal+ Group, while Masilela heads BuMa Investment Holdings. Mignot, Dandoy and Du Puy all hold positions at Canal+.
Arthur Goldstuck, MD of World Wide Worx, sayssubscribers will not be won back by board changes. “They’ll need sharperstreaming and affordable sport. It comes down to content people want to watchat a price that is palatable, and on the devices where they want it. That hasbeen an elusive triple balance for MultiChoice until now.”
Peter Takaendesa, chief investment officer at Mergence Investment Managers, believes the change in executives suggests Canal+ thinks it can better execute growth and profitability targets.
In June, MultiChoice reported it had lost 2.8 million active linear subscribers over two years. For the 12 months to March, the number was down 1.2 million, taking its linear subscriber base to 14.5 million.
By comparison, Netflix had around 4.5 million subscribers in Sub-Saharan Africa as of early 2025, research from Ampere Analysis shows.
Hloni Mokenela, MD of Africa Analysis South Africa, notes that streaming platforms such as Netflix have become a growing threat to the traditional model that made MultiChoice so successful in Africa.
“That is why MultiChoice has been shoring up its position in the market with its investment in its Showmax platform,” he says.
Showmax follows Netflix in subscribers with 1.45 million users, according to Ampere Analysis.
“Canal+ hasn’t bought a sinking ship so much as a leaky one, and the first job of the new board is to get it sailing smoothly,” says Goldstuck.
Investment scale
Goldstuck adds that the France-based Canal+ “brings deeper pockets, a bigger content arsenal and fresh leadership, which gives MultiChoice a shot at relevance beyond defending its turf”.
The takeover by Canal+ can position MultiChoice for growth through access to a larger pool of resources, including funding for content creation and regional synergies, says Mokenela. “Being part of the Canal+ group gives MultiChoice access to a global media company with the resources and expertise to hopefully turn the company’s fortunes around.”
Takaendesa adds that the combined business will have better scale in content and equipment procurement. “These are some of the key cost lines for pay-TV businesses. They will also be able to extract other synergies over time from shared services and technology platforms.”
Among the conditions imposed by South Africa’s competition authorities is a commitment by Canal+ and MultiChoice to invest R30 billion to maintain MultiChoice’s headquarters in South Africa, continue funding local content and live sports, and support the country’s creative sector.
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