After navigating a significant financial turnaround, Multichoice CEO Calvo Mawela will walk away with a R35 million (approximately $2 million) pay package.
This follows the company’s dramatic shift from a R4 billion loss in 2024 to a R1.8 billion profit in 2025.
The rebound was largely driven by the R3.4 billion sale of Multichoice’s 60% stake in NMSIS, an insurance venture, to Sanlam.
This strategic move helped boost the company’s pre-tax profit to R5.2 billion.
In addition, cost reductions played a major role. The company cut operating costs by R3.7 billion, significantly exceeding its R2 billion savings target. A stronger rand also contributed positively to the financial results.
However, revenue did decline—falling 9% to R50 billion—due to economic strain across several African markets.
Although the company delivered a solid financial year, Mawela’s total earnings dropped from R51 million in the previous year to R35 million.
The decrease came largely from a sharp reduction in long-term incentives, which fell from R24.7 million to R9.7 million.
His base salary and standard benefits increased slightly, while short-term bonuses dipped modestly.
On performance metrics, he excelled in cost-cutting and in expanding revenue from the BetKing betting platform. However, Showmax failed to grow, with local subscriber numbers remaining flat.
Multichoice also chose not to issue a dividend, citing ongoing merger talks with French media giant Canal+.
While the company returned to profitability, it came at the expense of its viewer base. Multichoice saw a drop of 1.2 million subscribers, with its 90-day active user count down 11% to 18.6 million.
To counter revenue losses, Multichoice implemented subscription fee hikes: 5.7% in South Africa and up to 31% in other African markets (measured in local currencies).
Although Multichoice has stabilized its finances, the decline in subscribers signals ongoing challenges.
With rising competition from streaming services and continued issues with content piracy, the company faces a delicate balance between profitability and retaining its audience.
Mawela’s multi-million-rand payout reflects a financial recovery, but the company’s long-term foothold in African homes remains under pressure.
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