Canal+ will list on the Johannesburg Stock Exchange on June 3, becoming the first French company to trade on the market. The move follows its acquisition of MultiChoice, completed in 2025.
The listing will be a secondary inward listing, with Canal+ maintaining its primary listing in London. The company said the move will allow South African investors to access its shares while improving liquidity.
Group revenue rose 41% to €2.16 billion in the first quarter of 2026, reflecting the consolidation of MultiChoice. On a like-for-like basis, revenue declined 0.4% as the African unit's subscriber base continued to fall. Excluding MultiChoice, Canal+ revenue increased 1.8% to €1.5 billion, supported by growth in French-speaking Africa and content distribution.
In Europe, revenue declined to €1.1 billion, while the content and distribution segment rose 9% to €172 million. The company also cited its acquisition of Italian distributor Lucky Red as supporting growth in that division.
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Chief Executive Officer Maxime Saada is implementing a turnaround plan for MultiChoice, including hiring more than 1000 sales staff and investing about €100 million to improve content and distribution. The unit is expected to reduce group earnings by about €140 million in 2026, although cost synergies of €250 million are targeted.
Key Takeaways
The JSE listing marks a shift in how global media companies are positioning themselves in African markets. By listing locally, Canal+ is aligning its capital structure with its operational footprint, following the acquisition of MultiChoice, which remains one of the largest pay-TV operators on the continent. This approach can broaden the investor base and improve market visibility, especially among institutional investors in South Africa. The financial results show the impact of integrating a large acquisition, with reported growth driven by consolidation rather than organic expansion. The decline in MultiChoice subscribers highlights structural challenges in the pay-TV industry, including competition from streaming services and changing consumer behavior. Canal+'s decision to close Showmax and refocus on traditional pay-TV signals a strategic pivot, prioritizing core operations over digital expansion. The success of the turnaround plan will depend on stabilizing the subscriber base and achieving cost synergies. For investors, the listing provides exposure to both European media assets and African growth markets, but also introduces risks tied to execution and shifting industry dynamics.
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