Canal+ seals $3.17bn MultiChoice takeover with new CEO, board announcements

Canal+ has appointed David Mignot as Chief Executive Officer (CEO) of African operations and implemented wide-ranging changes to MultiChoice’s board and management as part of its $3.17 billion acquisition.

Consequently, Nicolas Dandoy will be the Chief Financial Officer (CFO) of the Canal+ group. Maxime Saada will be the executive chairman of the combined group. And, Jacques du Puy will be an executive director on the new board.

This implies that Calvo Mawela is stepping down as CEO. Yet, he will stay on as the chairman of Canal+’s African business. Timothy Jacobs will also step down as the CFO of the South African group to take on a senior finance role within the combined group.

Canal+ announced that the management changes are to attain a balance between continuity of local markets and global exposure as the groups are consolidated.

Also, the independent directors and the new Canal+ appointees now determine the composition of the new Multichoice board.

The new board includes Maxime Saada (Executive Chairman), David Mignot (CEO), Nicolas Dandoy (CFO), and Jacques du Puy (Executive Director). Other independent non-executive directors include Elias Masilela (lead independent director), Kgomotso Moroka, Louisa Stephens, Deborah Klein, and James du Preez.

Canal+ announced that it has a direct holding of 200,030,591 MultiChoice shares, representing 46.0% of the issued shares excluding treasury shares. An additional 9,767,641 shares, or 2.2% of issued stock, have been taken up for the Canal+ offer.

The group said that additional acceptances would increase its holdings. Terms and subscription of MultiChoice customers will remain unchanged, Canal+ and MultiChoice said in a statement.

The groups reiterated that they will issue a full strategic update in the first quarter of 2026.

Multichoice board reshuffle: what you need to know

• The appointments follow the eventual conclusion of the compulsory offer by Canal+ to purchase MultiChoice. The acquisition is the group’s largest takeover so far and makes it a worldwide media and entertainment group with greater scale in Africa.
• Together, Canal+ and MultiChoice will serve more than 40 million customers in about 70 countries in Asia, Europe, and Africa and employ approximately 17,000.
• Canal+ and MultiChoice said the new board was established to ensure continuity in the handover and introduce international knowledge and fresh expertise.
• The companies said the board changes were voted for in accordance with MultiChoice’s memorandum of incorporation and are effective immediately.

• Members of the previous MultiChoice board resigned today, Monday, 22 September 2025.

On public interest and regulatory commitments under the takeover, Canal+ and the enlarged group undertook the following for South Africa:

• Sponsored historically disadvantaged persons’ controlled enterprises, small, micro, and medium-sized enterprises in the local audio-visual industry
• Funded South African general entertainment and local sport programming.

Read also: MultiChoice begins restructuring for Canal+ $3.17 billion takeover

Benefits of the Multichoice/ Canal+ consolidation

Canal+ said in the announcement that the group will improve content distribution and consolidate streaming operations through the merger

The listed Showmax and DStv are the major platforms for the merged content and distribution strategy.

Canal+ referenced the potential to integrate its global library of content and production capabilities with MultiChoice’s on-the-ground presence. Both companies also promised to attain operational efficiency while adhering to local broadcasting requirements.

Canal+ also said that the new board and management would guide a renewed commercial drive with a vision of sustainable growth and improved service to African viewers.

Canal+ stated that it will continue to cooperate with partners, regulators, and industry participants as it continues with integration efforts. An integrated strategic refresh, including product roadmaps, spend on content, and operating milestones, will be out in Q1 of 2026.