Broadcasting
MultiChoice and Canal+ Buyout Deal Forges Ahead

MultiChoice and French media giant Groupe Canal+ have released a joint circular detailing plans and dates for the proposed buyout of the DStv operator at R125 per share.

The circular covers what happens to shareholders who choose not to sell, reiterates Canal+’s plan to list on the JSE, and provides some idea of how the companies might handle foreign ownership restrictions on broadcasters.
Canal+ has steadily bought up MultiChoice stock on the open market since October 2020 and hit a 35% threshold at the beginning of the year, triggering a mandatory buyout offer.
After some wrangling from MultiChoice and a reprimand from the Takeover Regulation Panel, Canal+ offered R125 per share, valuing the company at over R55 billion.
The buyout will cost Canal+ over R30 billion in cash, and the company has continued buying MultiChoice shares while its offer is being considered.
The Takeover Regulation Panel last reported in May that Canal+’s shareholding stood at 45.2%.
Tuesday’s circular shows Canal+ has not bought any additional shares since 10 May 2024. Its average buy price for the past six months has been just over R100 per share.
The circular states that the deal is still subject to several regulatory approvals, including from the Financial Surveillance department, the Competition Tribunal, the JSE, the Takeover Regulation Panel, and other government authorities.
One of the other government authorities is the Independent Communications Authority of South Africa (Icasa), the custodian of the Electronic Communications Act (ECA).
Under the ECA, a foreigner may not, whether directly or indirectly:
- Exercise control over a commercial broadcasting licensee; or
- Have a financial interest or an interest either in voting shares or paid-up capital in a commercial broadcasting licensee exceeding 20%
Exercise control over a commercial broadcasting licensee; or
Have a financial interest or an interest either in voting shares or paid-up capital in a commercial broadcasting licensee exceeding 20%.
Canal+ and MultiChoice have stated that they are exploring several options to comply with these requirements following the buyout.
These include a corporate reorganisation, participation by one or more local BBBEE partners, and mechanisms to limit the voting rights of foreigners.
The latter includes a potential limit on MultiChoice’s voting rights over the licensed entities in the MultiChoice Group.
In March, Bloomberg reported that billionaire Patrice Motsepe was in talks with Canal+ to join its bid for MultiChoice.
Regarding shareholders who do not accept the offer, the companies said they will remain invested provided Canal+’s shareholding remains below 90%.
Canal+ reserves the right to invoke Companies Act provisions allowing it to buy out the last remaining shareholders and delist the company should its ownership exceed 90%.
They also committed to engage with the JSE in the event that MultiChoice’s free float dips below the stock exchange’s liquidity requirements.
“MultiChoice shareholders are reminded that Vivendi SE, the parent company of Canal+, is currently undertaking a feasibility study for the proposed split of the company into several separately listed entities,” the circular stated.
“Canal+ intends that, should its planned European listing proceed, there will be an opportunity for South African investors to become shareholders of the combined entity as part of a secondary inward listing on the JSE.”
The companies explained that if Canal+’s listing occurs before its offer becomes unconditional, it will consider revising it to give MultiChoice shareholders an opportunity to have exposure to the combined group.
MultiChoice and Canal+ said the offer opens at 09:00 on 5 June 2024.
They aim for it to become wholly unconditional by no later than Tuesday, 8 April 2025.
The last day to trade to participate in the offer is 22 April 2025, and it closes at noon on Friday, 25 April 2025.
Broadcasting
It is Official, DStv Confirms Termination of 16 Major Channels

A major shake‑up rocks viewers and subscribers of DSTV/GOTV as many channels are set to shut down and be removed on January 1, 2026.

The trigger for the upcoming shut‑down is a breakdown in negotiations between the owners of multiple global channels and the pay‑TV operator.
As of December 2025, the deal between Warner Bros. Discovery (WBD) and DStv/GOtv has expired and the two parties have not reached a renewal agreement.
Without a new carriage/distribution agreement, the channels belonging to WBD risk being pulled off the DStv/GOtv line‑up.
This is the most significant content cutback the service has seen in years.
The affected channels are:
Discovery Channel
TLC
Cartoonito
Cartoon Network
CNN International
Food Network
The Travel Channel
TNT
Investigation Discovery
Real Time
HGTV
Discovery Family
Broadcasting
Paramount Africa Shuts Down after 20 Years

Paramount Africa is officially shutting down at the end of December 2025, drawing the curtain on more than two decades of operations in South Africa and Nigeria.

The company, which once reached over 100 million viewers across 52 African territories, confirmed it will close its doors as part of a massive global restructuring at its parent company, Paramount Global.
This is the same Paramount Africa behind channels like BET, MTV, MTV Base, Comedy Central, Nickelodeon, and more.
Its digital footprint has also been significant, with millions of monthly page views, social media engagements, and content partnerships across Africa.
But despite that scale, rising costs and a global strategic reset have caught up with the business.
Paramount’s retrenchment has been building for months.
Earlier this year, plans to launch a standalone Paramount+ app in South Africa were quietly shelved.
Then in August, the company said its content would remain available only via DStv and Showmax.
And last month, MultiChoice confirmed that BET Africa and MTV Base will disappear from DStv and GOtv on January 1, 2026, as Paramount Africa winds down entirely.
The shutdown is tied to aggressive cost-cutting after Paramount’s merger with Skydance. The company is targeting a 15% reduction in global staff and $3 billion in savings.
International divisions, including Africa, have taken the hardest hit as the business pivots away from linear TV and doubles down on a more streamlined streaming-first model.
At the same time, the global media landscape is being shaken by Warner Bros. Discovery’s chaotic auction. Netflix, Paramount, and Comcast have all submitted fresh bids for WBD, with some offers reportedly focusing on the studios-and-streaming division, home to HBO, HBO Max, DC, and Warner Bros. Pictures.
Analysts say the crown jewel bundle could go for as much as $70 billion, a deal that would reshape Hollywood and accelerate the decline of traditional TV.
Broadcasting
DStv Subscribers May Lose CNN, Discovery, TLC in 2026

DStv subscribers may lose access to 12 major Warner Bros. Discovery (WBD) channels, including CNN International, Discovery Channel, TLC, and Cartoon Network, from Jan. 1, 2026, if MultiChoice and WBD fail to conclude a new distribution agreement.

DStv
MultiChoice, now owned by Canal+, issued a notice to customers on Monday, warning that its current carriage deal with WBD will expire on Dec. 31, 2025, and negotiations to renew the contract remain inconclusive.
“While discussions between the parties continue, no agreement has been reached at this stage. If this remains unchanged, several Warner Bros. Discovery channels may no longer be available on DStv from Jan. 1, 2026,” the company said.
The channels at risk include Discovery Channel, CNN International, TLC, Discovery Family, Real Time, TNT Africa, Food Network, HGTV, Investigation Discovery, Cartoon Network, Cartoonito, and Travel Channel.
The development comes amid subscriber losses for MultiChoice, which has shed 2.8 million active linear subscribers over the last two financial years.
This includes 1.2 million customers lost in 2025 alone, representing an 8 per cent decline across South Africa and the rest of Africa.
In Nigeria, MultiChoice has lost 1.4 million subscribers in the past two years, largely due to repeated subscription price increases, according to Nairametrics.
The broadcaster is also set to lose additional content in the coming months. Paramount Africa will discontinue BET Africa and MTV Base from Jan. 1, 2026, while CBS Reality and CBS Justice will cease operations on Dec. 31, 2025.
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