By Duncan Mlanjira

Copyright maraviexpress

In addition, acceptances in respect of a further 9,767,641 (2.2%) of MCG shares, also excluding treasury shares) have already been tendered to Canal+ in terms of the Canal+ offer prior to the publication of the finalisation announcement

* The acquisition of MCG by Canal+ marks the largest transaction ever undertaken by Canal+, cementing the combined Group’s position as a global media and entertainment company

* 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

By Duncan Mlanjira

French pay-TV giant, Canal+ has assumed control of South Africa’s MultiChoice Group, cementing a landmark transaction that creates one of the world’s largest media and entertainment companies.

In a statement, CANAL+ announces that it will begin to integrate MultiChoice Group (MCG), strengthening its position as a leading international media and entertainment company as it directly owns 200,030,591 (46.0%) of the shares of MCG — excluding treasury shares, which was completed at the close of business on September 19.

CANAL+ indicates that in addition, acceptances in respect of a further 9,767,641 (2.2%) of MCG shares, also excluding treasury shares) have already been tendered to Canal+ in terms of the Canal+ offer prior to the publication of the finalisation announcement.

“Canal+ is, therefore, in effective control of MCG,” says the statement, adding that “all the shares which are still to be tendered into the Canal+ Offer, which is now unconditional, will further increase Canal+’s shareholding in MCG”.

“The acquisition of MCG by Canal+ marks the largest transaction ever undertaken by Canal+, cementing the combined Group’s position as a global media and entertainment company.

“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.

“In South Africa, Canal+ and the company have committed to a robust package of public interest measures. These include supporting firms controlled by historically disadvantaged persons (HDPs) and small, micro and medium enterprises (SMMEs) in the South African audio-visual sector, as well as maintaining funding for local general entertainment and sports content produced by South African creators.

“This underscores the company’s dedication to driving inclusive growth, supporting local industries, and delivering high-quality content to audiences.

“The integration of MCG and Canal+ will now start to take place. Following an in-depth review, Canal+ intends to inform the market of its detailed plans and envisaged synergies when it provides a strategic update for the combined Group during the first quarter of 2026.”

The statement further says MultiChoice customers, all subscriptions and billing arrangements will remain the same while the MCG Board has made certain changes to its composition and leadership team to allow for suitable Canal+ representation, while maintaining its independence.

The new MCG Board, which includes a majority of independent directors, has been constituted to ensure stability through the transition while seeking to introduce fresh skills and international expertise, and will oversee a renewed commercial drive in pursuit of sustainable growth.

With effect from today, September 22, the MCG Board now consists of Maxime Saada (chair), Elias Masilela (lead independent director), David Mignot (chief executive officer, Nicolas Dandoy (chief financial officer) and independent non-executives Kgomotso Moroka, Louisa Stephens, Deborah Klein, James du Preez and Jacques du Puy.

A majority of the new MCG Board — Masilela, Adv. Moroka, Stephens, Klein and du Preez — previously served as MCG independent non-executive directors, and will continue to serve as independent non-executive directors while new new directors (Saada, Mignot, Dandoy and du Puy) were appointed by the MCG board, in accordance with the memorandum of incorporation of MCG, with effect from the release of the finalisation announcement today.

The remaining members of the previous MCG Board — Calvo Mawela, Timothy Jacobs, Christine Sabwa, Dr Fatai Sanusi and Andrea Zappia — resigned from the MCG Board with effect from the release of the finalisation announcement.

Canal+ and MCG express their “deep appreciation for the vital role they played in building the company and for their leadership, alongside the rest of the Board, in securing this transformative transaction”.

“Going forward, David Mignot and Nicolas Dandoy will respectively be CEO and CFO of the Canal+ African operations, which includes MCG. These operations across the African continent will be chaired by Calvo Mawela, the outgoing MCG CEO.

“The outgoing CFO of MCG, Timothy Jacobs, will continue to hold a senior position in the finance department of the combined Group and addition, a general meeting of MCG shareholders will be convened in the coming weeks to vote on proposals to elect Anant Singh (independent non-executive director), Amandine Ferre (executive director) and Mireille Kabamba (non-executive director) as new MCG directors and for shareholders to confirm the appointment of the other new directors.”

The statement quotes Maxime Saada, CEO of CANAL+ saying: “Today marks an important step forward for CANAL+, as we begin to integrate MultiChoice to create a group with enhanced scale, reach and creativity.

“Our combined company is unique, a true global media and entertainment powerhouse, serving more than 40 million subscribers across close to 70 countries. This combination increases our ability to invest in creative and sporting content throughout Europe, Africa and Asia.

“We will be able to leverage the diverse talent which sits throughout the group to bring to life compelling local and international stories, both from our in-house production studio StudioCANAL and global platforms, and the best national and global sports, all on a world leading platform.

“As we step forward together, I am pleased we have delivered on a key part of the strategy we set out as we became a listed company in our own right last year, strengthening our position in the highest-growth payTV markets in the world — Africa — while continuing to deepen our leading position in Europe.

“I want to thank the teams at CANAL+ and MultiChoice who have made this transaction a reality. We will now begin to integrate MultiChoice, delivering greater value for all stakeholders. I look forward to providing the market with a more detailed update on the strategy of our combined group during the first quarter of next year.”

On his part, Calvo Mawela, said: “Today we are starting an exciting new journey, one that will bring fresh opportunities for growth and success for our company and the entire African media industry.

“Over the past three decades we’ve built something special – grounded in innovation, resilience and a shared commitment to bring great content to our audiences. Going forward, this commitment remains unchanged to our audiences everywhere.

“The new combined leadership team brings a strong vision and deep expertise to the whole CANAL+ Africa business, which will take the group to greater heights. Through our combined scale, shared strengths and expanded capabilities, we are set to deliver more value to our customers, great entertainment for our audiences and ongoing support to the communities we serve.”

David Mignot said as a combined company, they are “building on strong foundations to create a media and entertainment powerhouse to serve African consumers. I am proud to lead Canal+’s operations across the continent, including our operations in South Africa.

“Canal+ and MultiChoice have both been pioneers, and we are now uniting our cultures of excellence, creativity, technology, and storytelling to create something unique. Together, we will harness digital innovation, from streaming and mobile platforms to advanced distribution, to expand access, enhance experiences, and bring compelling programming to more homes, while giving Africa a stronger voice on the world stage.”

To align with Canal+’s financial year-end, which is currently December 31, MultiChoice and its subsidiaries will be changing their financial year-end from March 31 to December 31.

And in compliance with paragraphs 3.15 and 3.16 of the JSE Listings Requirements,MultiChoice will endeavour to:

* publish interim results for the six months ending 30 September 2025 within three months thereafter;

* publish audited results for the nine months ending 31 December 2025 within three months thereafter; and

* issue and distribute an integrated annual report and notice of annual general meeting (with audited financial statements for the nine months ending December 31, 2025) within four months thereafter.

Following the change in financial year-end, MultiChoice’s distribution periods will be for the 6-month periods ending June 30 and December 31.