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MultiChoice Plans Shareholding Restructure Ahead of Canal+ Takeover

MultiChoice Plans Shareholding Restructure Ahead of Canal+ Takeover

Monday, August 4, 2025
ENS Business | Global Reporting | Johannesburg


MultiChoice Group has revealed new details about how it will restructure its South African operations to enable the proposed sale to France’s Groupe Canal+. The announcement follows closely on the heels of the Competition Tribunal’s approval for the takeover. 1

To comply with South African law limiting foreign entities to 20% voting rights in domestic broadcasters, MultiChoice and Canal+ have agreed to spin off the broadcaster unit into a new entity—LicenceCo—majority owned by historically disadvantaged persons (HDPs). MultiChoice Group will retain a 49% economic interest and control 20% of voting rights in LicenceCo. 2

Complying with South African Ownership Laws

South Africa’s Electronic Communications Act restricts foreign control in licensed broadcasters. While legislation to raise the ownership cap to 49% is under consideration, implementation could take years. For now, the restructuring via LicenceCo meets current regulations and BBBEE expectations. 3

Extraordinary Dividend Declared

MultiChoice South Africa Holdings will distribute a one-off dividend of R1.375 billion to shareholders, in line with the restructuring plan. 4

Regulatory Milestones Reached

The Competition Tribunal granted conditional approval for the Canal+ takeover last week, backed by a public interest package worth approximately R26 billion. The conditions include strengthening local content investment and increased participation by HDPs and SMEs. The divestiture into LicenceCo is key to meeting these conditions. 5

Transaction Timeline

Both companies have extended the long-stop date for completing the transaction to 8 October 2025. This ensures sufficient time for regulatory clearances and final integration. 6

Follow ENS Business for ongoing coverage of media mergers, regulatory updates, and regional investment trends.

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