UPDATE: FRENCH MEDIA GIANT CANAL+ TAKES FULL CONTROL OF SOUTH AFRICA’S MULTICHOICE. (PHOTO).

 French media giant Canal+ takes control of South Africa’s MultiChoice

French media powerhouse Canal+ on Monday confirmed it has taken effective control of South African television and streaming company MultiChoice, creating a combined group with a presence in nearly 70 countries across Africa, Europe and Asia.

In a joint statement, the companies announced that the new entity will employ 17,000 staff and serve over 40 million subscribers worldwide.

Describing the acquisition as “the largest transaction ever undertaken” by Canal+, the company said the deal cements its dominance in French-speaking Africa while giving it control of what it called the leading broadcaster in English- and Portuguese-speaking parts of the continent.

“This acquisition allows us to strengthen our position as a leader in Africa, one of the most dynamic pay-TV markets in the world,” said Canal+ chief executive Maxime Saada.

The buyout received final approval from South Africa’s competition authority in late July, more than a year after Canal+ launched its bid.

When it made its offer last year, Canal+ proposed 125 rand ($7.2) per share for MultiChoice, valuing the company at around $3 billion.

Canal+ already operates in 25 African countries through 16 subsidiaries, boasting eight million subscribers.

MultiChoice, meanwhile, is active in 50 sub-Saharan nations with 14.5 million subscribers. Its portfolio includes DStv, the region’s largest satellite television service, and Africa’s premier sports broadcaster, SuperSport.