When the trading floor falls silent on the Johannesburg Stock Exchange (JSE) this Wednesday, it will represent more than the departure of a major company. It will draw the curtain on four decades of a media empire that helped define modern television across the African continent.
From a modest decoder business to a continental giant
What began in 1985 with the creation of M-Net slowly evolved into MultiChoice, a brand that became woven into African households. Through DStv, Showmax, unrivalled sports broadcasts, and a catalogue of hit series, the company transformed the way millions experienced home entertainment.
Its evolution mirrored Africa’s own media journey: from bulky analogue decoders, to the satellite TV boom, and later the fast-growing world of streaming. But on December 10, 2025, the company’s long-standing presence as a listed entity will come to an end.
The acquisition that reshaped the company’s destiny
The catalyst behind this shift is Canal+, the French media conglomerate that spent nearly two years in negotiations before successfully securing control of MultiChoice.
With over 90 percent of shares tendered in its mandatory offer, Canal+ invoked a squeeze-out clause that required remaining minority shareholders to give up their holdings. This cleared the path for MultiChoice’s removal from the JSE, the A2X, and the regulatory processes overseen by the South African Reserve Bank ahead of the December delisting.
What the transition means for viewers and the wider industry
For everyday viewers glued to DStv channels or streaming the latest Showmax originals, the transition may appear subtle at first. Their subscriptions continue, sports broadcasts remain on air, and entertainment flows uninterrupted. Yet beneath the surface, the implications run far deeper:
Local investors lose direct access. MultiChoice’s listing had allowed South African and regional shareholders to participate in the company’s growth. With its status as a public company ending, ownership shifts entirely into the hands of a foreign-controlled parent group.
A major shift in media power. Canal+ now presides over one of the continent’s largest broadcasting and streaming ecosystems, blending MultiChoice’s established African network with its own international catalogue, content partnerships, and financial muscle. Experts view this as a substantial consolidation in global media holdings.
A potential restructuring of its market presence. Canal+ has pledged to pursue a secondary inward listing on the JSE within nine months. That would restore some investor access, albeit under new strategic direction and corporate identity.
A change that extends beyond corporate paperwork
For millions across Africa, MultiChoice was a companion. It shaped weekend football rituals, brought Nollywood into living rooms across the region, and carried the early experiments of African streaming through Showmax. Its presence became part of the continent’s cultural rhythm.
The delisting marks more than a financial transition. It represents the closing of an era in which a homegrown broadcaster dominated the African audiovisual landscape. But endings can also be preludes. Canal+ has hinted at deeper investments in local storytelling, infrastructure upgrades, and broader continental expansion. Whether these promises materialize into a renewed media powerhouse or spark nostalgia for what once was will depend on how this new chapter unfolds.
And so, as MultiChoice trades publicly for the final time, the moment stands as a symbolic intersection. One story concludes. Another begins. For viewers, investors, and lovers of African media, the shift carries both the weight of farewell and the possibility of a reinvented future.
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