Canal+ has officially taken over MultiChoice’s business operations across all markets in Africa, including Uganda, where the Pay TV giant has provided TV entertainment for three decades.
Until this year, MultiChoice was Africa’s leading entertainment platform, offering a range of products and services, including DStv, GOtv, Showmax, M-Net, SuperSport, Irdeto, and KingMakers. These services are used by over 15.7 million subscribers (as at end of March 2024) in 50 markets across sub-Saharan Africa.
MultiChoice launched in Uganda in 1994 after the South African company was formed to take over subscriber management, signal distribution, and cellphone operations while M-Net separately continued to deliver entertainment channels. The service has been a behemoth of Pay-TV, driven largely by its exclusive rights to international news content, film productions as well as European football content, not just in Uganda but across Africa.
Canal+ now owns 46% of MultiChoice, with another 2.2% of shares tendered in its favour since, giving the company effective control of the TV broadcaster. The shares still to be tendered into the offer, which is now unconditional, will further increase Canal+’s stake.
Last week, Canal+ Group announced a new Board chaired by Maxime Saada (also Chief Executive Officer of the Canal+ group).
In acquiring a majority stake in MultiChoice, Canal+’s ambition was to build a leading global video entertainment group. The company said this merger represents not only a recognition of the value that has been created by Multichoice over 40 years, but also a potential path to unlocking new possibilities across the continent.
Adding that a combined group would be better positioned to address key structural challenges and opportunities resulting from the rapid digitalisation and globalisation of the media and entertainment sector.
The acquisition of MultiChoice now makes Canal+ a 40 million+ subscriber entertainment company, present in close to 70 countries, 40 of them in Africa.
This merger comes at a time when MultiChoice’s business model had suffered a sustained hit from a fast-evolving media and entertainment landscape driven by an expanding OTT ecosystem (Netflix, Disney+ and other video-on-demand streaming services), low-cost regional competitors, access to real-time news via social media and piracy that has eaten into legacy Pay-TV margins and growth.
MultiChoice’s TV subscribers have declined due to economic pressures and changing consumer behavior. The company reported that its trading profit almost halved to $216 million in the year ended March 31, as trading losses from its video streaming platform, Showmax, increased by $126 million, on top of $286 million in foreign currency revenue losses.
In the same reporting period, MultiChoice lost 1.2 million broadcast subscribers dropping to 14.5 million. The company attributed the performance to significant financial disruption for economies, corporates and consumers across sub-Saharan Africa due to challenging macro-economic factors.
“Combined with the impact of structural industry changes in video entertainment such as the rise of piracy, streaming services and social media, this has materially affected the overall performance of the MultiChoice Group,” added the Group in June.
In Uganda, total Pay-TV subscribers (spread across DStv, GOtv, Star Times, Zuku, Siti Cable and Azam) fell from 3.52 million in 2023 to 1 million in 2025, according to UCC’s June 2025 report.
There is a coloration between this significant drop and the number of active mobile internet users in Uganda which has been growing, estimated at 16.5 million as of June 2025, according to UCC. Similarly, smartphones have also grown to 17.6 million in the same period.
Across the globe, the economic model of linear TV – scheduled TV content at a fixed time and order – has left traditional broadcasters in financial haemorrhage. Traditionally, TV users had no option but to sit on TV and wait for prime time news at 9pm or to catch a film on M-Net at a fixed time slot. Today, consumers of news and entertainment have a lot more alternatives at their disposal as long as they can access internet and a smart device (phone, tablet or TV). The rise of video-on-demand (VOD) allows viewers to choose what to watch and when to watch it, often through subscription streaming services like Netflix or even YouTube.
In Uganda, Netflix subscribers have grown from 90,000 in December 2023 to 200,000 in June 2025, according to UCC reports. YouTube subscribers rose from 4.7 million in December 2023 to 6.1 million in June 2025.
Akandwanaho Byabakama has been a DStv subscriber for the last six years. When he crossed from GOtv to DStv, it was an affirmation of status. Since 2019, he has been managing three DStv accounts in different locations (Kampala, Mbarara and Rukungiri) for himself and his loved ones.
“Being a football fan, I was paying for Compact (package). The other ones were basically on Access. Subscribing to DStv for me was out of the need to get good service. And for us football lovers, the games were exclusively on DStv,” Akandwanaho told PLUGGED in an interview.
However, since November 2024, he has only renewed his DStv subscription once, and even then, that was out of an inconvenience with the other service he had opted for. He attributes his hiatus from the MultiChoice service to affordability and the options provided by the internet. The regular hikes in subscription fees yet with no improvement in the content offering left him with no alternative but look elsewhere, he says.
“With the current service that I’m using, I pay only Ushs 70,000 for three months. I can watch Champions League, I can watch all the M-net movie channels. So, why would I go for a package that costs Ushs 280,000 per month when I can access all the content at a cost four times lower for three months?” he wonders.
Revenue from MultiChoice’s subscription fees fell from $992 million in 2024 to $755 million in 2025 in the Rest of Africa (other markets excluding South Africa). In the same period, advertising revenue tanked from $42 million to $28.7 million in the same territory. Showmax revenue dropped to $43 million from $49 million.
Enter Canal+
There will be questions, both from MultiChoice consumers and content creators, in the Ugandan market, on what the change in the service’s management means for them and what is at stake.
Recently, Uganda Communications Commission (UCC) which regulates Pay-TV operators in Uganda, advertised the application in which MultiChoice sought a name change, after which UCC would engage various stakeholders, including the public, to seek their opinion.
“The UCC will then evaluate the internal reviews and the feedback gathered from the public before making a decision to approve or reject MultiChoice’s application,” Ibrahim Bbossa, the UCC publicist told PLUGGED.
In South Africa, the approval of Canal+’s offer was tied to fulfilling stringent conditions, including job protection for South African employees for a minimum of three years following the merger implementation.
On what protections MultiChoice Uganda’s employees have and which of UCC’s regulations guarantee this, Bbossa said; “We have required that specific elements, like employment status, stay the same for at least a set period as a condition. The Commission, designated as the regulator by the Communications Act, holds the authority to act if the licensee does not adhere to the agreed terms and conditions.”
In Uganda, MultiChoice remains the biggest investor – funding productions, knowledge transfer and skills training – in the local film and TV entertainment industry. MultiChoice Uganda through M-Net has invested in several licensed and commissioned content sitting at about 2,500 watch hours under the channels Pearl Magic and Pearl Magic Prime with shows including Sanyu, Prestige, Crossroads, Kampala Creme, Damalie, Date My Family, Juniors Drama Club, Mizigo Express, Khalayi Beats, Popi, among others.
In the 5-year period till 2023, MultiChoice Uganda had commissioned and licensed over 25 shows. Numerous awards (Uganda Film Festival, Africa Magic Viewers’ Choice Award, Kalasha Awards, iKon Awards, New Vision Awards) are some of the fruits of this investment. On top of the cohorts of talent that underwent the MultiChoice Talent Factory who have since become gainfully employed in the film industry.
Mathew Nabwiso, the acclaimed actor, director and producer behind the Sanyu drama series, who is one of the direct beneficiaries of this investment is an example of what is at stake for local content creators.
“When I joined [the film industry] 15 years ago, the most I would do as an actor was act in one movie or two. If you are too lucky, you would act in like 3 of them a year. And the most you would make was Shs 150,000 or Shs 100,000, so, you would make like Shs 450,000 a year. Today, the story has changed; people actually act for a living,” Mathew has previously told Pulse Uganda in an interview.
“Today, you will find that there are so many commissioned projects, like the current show I am doing, Sanyu. People are on payroll, and they expect a salary at the end of the month. Today, for the first time, filmmakers can walk into a bank and apply for a loan. People can now buy cars, build houses, and start businesses with money from acting. So, for me, that is growth.,” the Award-winning producer added.
Sanyu which wrapped production after its third Season enjoyed massive popularity among the titles on MultiChoice’s slate both on DStv and Showmax. Sources, some of who have created commissioned content for MultiChoice Uganda have disclosed that the company spent about Shs 1 billion on a 100-episode Season.
On whether the merger with Canal+ could reverse the gains made in Uganda’s TV content creation, a capital-intensive venture that producers would not sustain on their own, UCC’s Bbossa told PLUGGED; “As the regulator, it is our responsibility to promote local content, and this commitment will not change even with indirect acquisitions. We will continue to hold more engagements and increase our efforts toward promoting local content. There is no need for concerns about the future.”
The assurance was echoed by MultiChoice Uganda’s PR & Communications Manager, Rinaldi Jamugisa, who told PLUGGED that the company’s business operations, including local content investment, will maintain statusquo and momentum.
Jamugisa further assured DStv, GOtv and Showmax users in the country that Canal+’s takeover will not impact operations.
“Our day-to-day operations and programming remain unchanged. The merger of MultiChoice and Canal+ is a story of growth, bringing together two entertainment powerhouses with the aim of revolutionizing the Pay TV space globally,” Jamugisa exclusively told PLUGGED.
As with other markets in Africa, in Uganda, one of the issues that have recently left MultiChoice’s story of growth in a delicate balance is the pricing for their services, in particular the monthly subscription fees. Like Akandwanaho, many users felt the hikes had become too common for a service that didn’t match expectations. In Ghana, government issued a stern ultimatum to MultiChoice Ghana in August, ordering the Pay-TV operator to cut DStv subscription prices, failure of which the company’s license would be suspended.
“Every year, we review the prices of each of our packages very carefully to ensure that we continue to offer our subscribers the best local and international content, delivered through the best technology. Due to the rise in costs of doing business across Africa, we need to adjust the prices of our packages,” Jamugisa says.
He adds that ensuring affordability and accessibility was at the heart of MultiChoice Uganda’s new initiative dubbed Ka Weekie, a flexible 7-day payment plan that allows subscribers to stay entertained on a budget.
“With Ka Weekie, you can access GOtv from UGX 5,000 and DStv from UGX 5,500, ensuring that quality entertainment remains within reach, even in challenging times.”
The broadcasting regulator in Uganda admits that pricing is a critical area for the Commission’s evaluation, but adds that there are factors, some external, that influence pricing.
“The main factors driving prices include customer numbers, all prudently incurred costs, and macroeconomic conditions. As regulators, we thoroughly review all applications and approve changes only after careful consideration of all relevant inputs. Additionally, we compare the prices of different packages with those in other countries to explain any significant discrepancies. In all these evaluations, we strive to balance the aspirations of consumers with the needs of investors,” Bbossa says.
As to whether UCC has drawn any lessons from the recent case of Ghana, Bbossa says “such decisions could drive operators out of the market, as has happened in one of the South African countries.”
Will Canal+ offer better value?
Canal+ has operated in Africa for the last thirty 30 years. Presently, it serves more than 20 countries and is the leading subscription-TV operator in 19 French-speaking countries. It offers nearly 400 channels, of which 250 operate in French and African languages, broadcasting local content.
On its current footprint, the French company says it benefits from an unmatched brand awareness and dense distribution network of more than 17,000 point of sales.
In comparison with Multichoice, Canal+ 2024 figures looked impressive. The company reported 3.6% growth in revenues increasing to $7.5 billion compared to the previous year.
In the same period, subscribers grew slightly from 26.4 million to 26.9 million, an 80% increase from 2016, according to Canal+’s financials. In the Africa & Asia market segment, revenues increased by 3.5%, to $1.2 billion. Overall, subscribers in the Africa and Asia segment, stood at approximately 9.7 million at year-end 2024.
According to the company, these results demonstrate that it has successfully managed to buck the negative trend suffered by many other television companies, notably in the U.S., where the gains in shifting to streaming direct-to-consumer platforms are undermined by the loss of revenues on traditional cable and advertising businesses. Adding that the company does not suffer from this “decay rate” because it is smoothly transitioning its Direct-to-Home (DTH) customers to Over the Top (OTT).
Responding last week to a question on what Canal+ intends to do with MultiChoice, Maxime Saada, chief exec of Canal+ group said; “What we’re going to do is combine these [MultiChoice] forces with those of Canal+. To really bring the best of both worlds and the best available content on the planet to African consumers. And we’re going to do that all across Africa since this new company will cover more than 40 million subscribers over 70 countries, 40 of them in Africa.”
“And we’ll have 17,000 team members part of this company. Half of them will be based in Africa. So, we are really set to establish this new company as the absolute best value proposition with the best user experience to all African consumers,” Maxime said in an interview.
He revealed that Canal+ intends to do this “as quickly as possible” assuring that David Mignot, the new CEO for the Canal+ African operations “will really endeavour to make this a reality for African consumers as soon as this end of year.”
“We’re very, very careful of bringing the full spectrum of content, but also to make sure that the price is as affordable as possible,” he added.
Canal+’s merger comes at a time when streaming giants like Netflix, Disney and Amazon are eyeing the African market, as the next frontier of growth.
Over the next five years, entertainment and media revenues in Africa’s three major markets – South Africa, Nigeria and Kenya – are expected to rise ahead of the global average of a 3.9% compound annual growth rate. This is according to PwC’s Africa Entertainment and Media Outlook 2024–2028.
Since 2016 through 2022, Netflix invested $175 million and contributed a total of $218 million to GDP in South Africa, Nigeria and Kenya. Netflix has supported over 12,000 jobs, contributing a total of $218 million to GDP, generating more than $44 million in tax revenue, and increasing household income by over $200 million.
This as the American company embarked on diversifying its content offering after the success of series such as Money Heist and Squid Game which based neither on American stories nor cast. The African originals slate includes titles like Blood and Water (the first South African show to reach number one in the U.S.), Heart of the Hunter (South Africa), The Black Book (Nigeria) and Young, Famous and African (a reality show featuring an ensemble of African celebrities including Uganda’s Zari Hassan) all of which have enjoyed major success.
Netflix announced last year that it planned to expand operations on the continent.
Disney in recent years has ramped up its investment in Africa as part of a broader push to diversify its animation slate, partnering with Triggerfish in 2015 on the Triggerfish Story Lab, a pan-African talent search that aimed to discover the next generation of animators on the continent. The American animation giant has also invested in the futuristic series Iwájú, a Disney+ Original from the pan-African entertainment company Kugali, as well as Kiff, a musical comedy show from South African creators.
Canal+ group CEO says whereas they face stiff competition from deep-pocketed companies, the current subscriber base that has expanded owing to the merger with MultiChoice gives Canal+ an edge.
“Now, we’re one of the biggest non-American companies in the world. And I said that the ambition is to be among the top five. €5 billion in annual investment in content, which is what this combined company will do, is significant, even by those American standards,” Maxime says.
“And these companies [such as Netflix], in a way, are competitors. But mostly, to us, they are partners. We buy all of their content. All the American movies, all the American studios have output deals with either Canal+, MultiChoice, or both. And as you know, Canal+, has positioned itself as a super aggregator, which aggregates Netflix, Apple TV+, Paramount+, and HBO Max into its own platform. Really, our intent is to make their strength our strength, and to leverage their content into our own, and to make it, again, as accessible as possible to all African subscribers.”
He says Canal+’s approach will be to produce content with world-class standards, but with an African voice, with a European voice, with a voice that is different from the one brought forward by Americans.
“We love their content, but they do things differently than we intend to do in the future. I mean, there’ll be a lot of people in our TV production, our film production industry that are very happy to hear you say that.”
Canal+ has pursued an innovative approach to partnerships for more than 6 years, signing multi-year, multi-territory agreements with Netflix, Disney+ and AppleTV+. In 2024, the company expanded the strategy by signing new partnerships with Max, Paramount+, DAZN and Apple Music. The integration of these platforms into Canal+ will provide subscribers with “a best-in-class user experience and the most attractive commercial offers”.
Another key component of the French company’s content value proposition is pegged to the development of its in-house content production capability, through STUDIOCANAL, with its unique mix of global and local approaches. In 2024, STUDIOCANAL’s first-ever global TV series Paris Has Fallen was a huge success in all C+ PayTV territories, as well as on Amazon Prime in the UK, and Hulu in the United States.
Overall, Canal+ produces around 200 films and 80 series annually. STUDIOCANAL also produces over 15 series each year, including local creations and premium international coproductions, with $232 million invested each year in the production of films and series. Its content slate totals over 9,400 titles, the largest movie library in Europe.
Beyond the satellite technology (dishes) that has made it possible for Pay TV to be accessed easily in Africa, Canal+ operates a fibre-to-the-home internet business, currently available in 8 countries in Africa. This is another front where Canal+ is likely to have an edge over what has been the Multichoice model in Uganda.
In July 2024 Canalbox (the fibre internet service) launched in Uganda, adding the country to other African markets like Gabon, Congo, Côte d’Ivoire, Togo, Rwanda, Burkina Faso, and the Democratic Republic of Congo (DRC).
“The way we see things going forward, is by combining both [DDT and broadband]. When the consumer has the opportunity to access digital services, then these digital services are made available to them for free. They come alongside, and he has a choice of the technology he uses and the services he uses,” Maxime says.
It remains to be seen whether Canalbox will offer competitive data packages that will sway users like Akandwanaho who rely on Airtel’s unlimited monthly bundle to stream their favorite movies or TV shows.
“For movies where I have personal interest, and can’t get directly on the different channels on my package, I’ll go [to free websites that aggregate TV series and films] and download them. Because now the Airtel unlimited package allows me to download. So, I just have to have my links, open them, get the movies I want, then transfer them to my PC, flash, and then watch on TV offline,” Akandwanaho says of how much access to affordable internet has redefined video-on-demand services.
