The French media giant, which completed its acquisition of Multichoice Group (MCG) in September 2025, said it will provide further details in a “Strategic Update” to be published alongside its full-year results. The update will outline initiatives aimed at returning Multichoice to growth across its markets.
Canal+ said it has already begun implementing measures to address the subscriber decline, including forging new content partnerships, renegotiating hardware prices, and optimising Multichoice’s technology and infrastructure.
The acquisition, valued at more than R50 billion, followed years of negotiations, regulatory scrutiny and a squeeze-out of remaining shareholders. Canal+ described the deal as transformational, offering long-term growth potential and global scale.
Africa Seen as Key Growth Frontier
Canal+ said the acquisition aligns with its goal of capturing growth opportunities in Africa, where population growth and economic expansion are expected to drive demand for media and entertainment services. The group noted that Africa’s population is projected to increase by 800 million by 2050, with a five-year GDP growth forecast of 4.5% per year. Rising electrification and pay-TV penetration were also highlighted as supportive factors for industry growth.
Canal+ has a track record of expanding its African subscriber base, growing from 0.4 million in 2010 to 9 million in 2025. Multichoice’s subscriber base grew from 3.9 million to 14.1 million over the same period. However, Multichoice’s subscribers peaked at roughly 23.5 million in the 2023 financial year before declining.
The French broadcaster said it is well positioned to help Multichoice return to its pre-2023 growth trajectory through a comprehensive action plan, focusing on both short- and medium-term initiatives.
Operational and Cost Synergies in Focus
Canal+ also said it plans to leverage its global scale to generate cost synergies and optimise an estimated €8.0 billion (about R150 billion) cost base. The group said it has already achieved over €80 million (around R1.5 billion) in free-cash flow benefits since taking control of Multichoice, driven by:
- New content partnerships to boost programming and viewer appeal
- Renegotiation of hardware prices to make decoders and equipment more affordable
- Optimisation of technology and broadcasting infrastructure to improve service efficiency and reduce costs
To support implementation, Canal+ has established a unified management team for Africa and updated short-term incentive schemes to align with performance targets. Key group functions, including content acquisition, technology and procurement, have been centralised to benefit from global scale. A governance structure has been put in place to track cost delivery, while an integration and transformation office is driving execution.
JSE Listing and Future Outlook
Canal+ is expected to pursue a secondary listing on the Johannesburg Stock Exchange (JSE) in the near future, following Multichoice’s delisting last year.
“With the acquisition of MultiChoice, CANAL+ has created a unique global entertainment platform anchored in Europe and Africa,” said Canal+ CEO Maxime Saada. He added that the group aims to deliver more than €400 million in EBITA and over €300 million in free cash flow run-rate cost synergies by 2030, while emphasising that the growth opportunity remains the key attraction of the deal.
The full strategic roadmap and further details will be unveiled in the upcoming Strategic Update, expected to provide clearer insight into how Canal+ intends to restore Multichoice’s market momentum and drive subscriber growth in the years ahead.