For years, DStv has been seen by many Nigerians as one of South Africa’s biggest business footprints on the continent. But that perception may now need a rethink.
In a landmark deal worth about $3 billion, French media giant Canal+ has completed its takeover of MultiChoice, the parent company of DStv, GOtv and Showmax.
The transaction, finalised on July 10, effectively ends South African control of the pay-TV giant, placing one of Africa’s most recognisable media brands under French ownership.
MultiChoice shareholders were paid out at R125 per share, while the company has now been delisted from the Johannesburg Stock Exchange. Canal+ has, however, promised a fresh listing later this year.
The takeover follows years of financial struggles for MultiChoice.
The company lost nearly 2.8 million subscribers over two financial years, with Nigeria accounting for the largest share of those losses.
Between 2023 and 2025, around 1.4 million Nigerian subscribers cancelled their subscriptions as inflation, rising living costs, unstable electricity supply and repeated subscription price increases squeezed household budgets.
Competition from streaming services such as Netflix, Disney+ and Amazon Prime Video also intensified the pressure.
For Canal+, the deal offers access to more than 50 African markets and a distribution network built over decades.
The combined business now serves more than 40 million subscribers across the world and generates billions of euros in annual revenue.
The timing of the takeover is particularly significant.
Recent xenophobic attacks in South Africa triggered calls from some Nigerian groups for boycotts of South African businesses, including DStv and MTN.
Student groups and some political figures argued that economic pressure should be used to protest attacks on Nigerians living in South Africa.
However, the ownership change raises a new question: can DStv still be regarded as a South African company in the traditional sense?
While the infrastructure and operations remain deeply rooted in South Africa, the company is now ultimately controlled by a French media conglomerate.
The debate highlights how global business ownership is becoming increasingly complex, even as emotions around diplomacy, migration and xenophobia remain deeply personal for many Nigerians.
