By Anamati Inyang
December 22, 2025
After nearly four decades at the centre of South Africa’s pay-TV industry, MultiChoice has entered a new chapter, ending its status as a South Africa-owned company following itsacquisition by French media giant Groupe Canal+.
The deal has also led to MultiChoice’s delisting from the Johannesburg Stock Exchange (JSE).
The development
marks a significant moment for DStv, Africa’s leading satellite television service, which grew from humble beginnings into a continental media powerhouse.
However, the transition comes at a challenging time, as MultiChoice also risks losing one of its longest-standing content partners – Home Box Office (HBO).
Although MultiChoice was officially launched 30 years ago, its origin dates back to October 1986 with the launch of M-Net.
The idea was conceived by Koos Bekker, alongside Cobus Stofberg and Jac van der Merwe, after Bekker’s exposure to the pay-TV model while studying for an MBA at Columbia Business School in New York.
Inspired by the success of HBO, Bekker developed the M-Net concept as part of his MBA thesis.
The proposal was pitched in 1984 to then Naspers chief executive Ton Vosloo, who approved a 26 per cent stake in M-Net, providing the capital needed to launch the service.
At the time, Naspers’ traditional print advertising business was under pressure from the rapid growth of free-to-air television offered by the South African Broadcasting Corporation (SABC).
M-Net’s premium content and live sports broadcasts quickly attracted subscribers, and the company became profitable within two years.
M-Net initially offered 12 hours of daily programming and secured live broadcasting rights for the Currie Cup rugby tournament.
From just 500 households at launch, decoder installations surged to 50,000 homes by September 1987 and doubled to 100,000 within six months.
The late 1980s saw further expansion, including the launch of SuperSport and the children’s programme K-TV. M-Net was listed on the JSE in 1990 and, by 1992, had expanded into 20 African countries with analogue broadcasting.
A strategic restructuring later split the business into entertainment broadcasting and subscriber management operations.
The later evolved into MultiChoice, which launched Digital Satellite Television (DStv) in October 1995.
DStv debuted with 16 television channels and a 40-channel DMX audio service. Although adoption was initially slow, subscriber numbers soon accelerated, cementing DStv’s position as a premium household service across South Africa and beyond.
By 2006, MultiChoice South Africa had reached 1.5 million subscribers.
Between 2011 and 2019, that figure more than doubled, prompting Naspers to spin off MultiChoice as a separately listed entity on the JSE.
Today, MultiChoice boasts 14.5 million DStv subscribers, with seven million in South Africa and 7.5 million across the rest of the continent.
SuperSport remains one of its flagship offerings, delivering major local and international sporting events.
Despite its scale, the company faces mounting challenges from global streaming services and a rapidly changing media landscape.
Subscriber numbers, revenue and profits have declined in recent years, placing pressure on the traditional pay-TV model.
Amid this backdrop, Canal+ steadily increased its stake in MultiChoice, first announcing a 6.5 per cent holding in 2020. By March 2023, it had acquired 31 per cent, eventually crossing the 35 per cent threshold that triggered a mandatory buyout under South African law.
The Competition Tribunal approved the acquisition in July 2025, and by September all conditions had been fulfilled, granting Canal+ full control of the company.
However, the new ownership faces immediate uncertainty, particularly around content partnerships. Negotiations with Warner Bros.
Discovery, which owns HBO and several key DStv channels, has reached a stalemate ahead of the expiration of a carriage agreement on December 31.
Twelve DStv channels, including CNN, Discovery, Cartoon Network and TLC, are potentially at risk.
The loss of HBO content – home to globally acclaimed series such as Game of Thrones, The Sopranos and The Last of Us – would represent a major setback for both DStv and Showmax.
MultiChoice has said discussions with Warner Bros.
Discovery is ongoing and independent of the Canal+ acquisition, assuring customers that no final decisions have been made.
As the dust settles on the takeover, the future of DStv now hinges on how effectively Canal+ can navigate intensifying competition, shifting viewer habits and critical content negotiations – signalling the end of one era and the uncertain beginning of another.
