Canal+, Global The media and entertainment group, which took control of MultiChoice last year, has confirmed it will hold a secondary listing on the JSE on June 3, becoming the first French company to do so.
The inward listing is subject to final approval from the stock exchange, which the company said is “expected to be imminent”. This will fulfill the commitment made by Canal+ to the South African competition authorities as a condition of the acquisition multiple choice. The JSE listing will run concurrently with the primary listing of Canal+ in London.
Canal+ said the listing would “enhance the long-term liquidity and tradability” of its shares and give South African investors access to a global media business with operations in more than 70 countries and more than 40 million subscribers.
The listing announcement coincided with Canal+'s first quarter trading update, which showed combined group revenues of roughly €2.17-billion year-on-year (-0.4%) on a restated basis including MultiChoice. Excluding MultiChoice, Canal+ revenues rose 1.8% to €1.57 billion, helped by a strong pay-TV performance in French-speaking Africa and a 9% increase in content production and distribution following the acquisition of Italian production house Lucky Red.
However, MultiChoice revenue fell 6.2% to €617-million for the three months to March 31, or 4% on a like-for-like basis. Subscription revenue was “nearly flat” on a constant-currency basis – which, given the trajectory of the past two years, is not a bad result – but non-subscription revenue declined due to higher equipment subsidies for new customers, lower content sales, weaker insurance commissions and “some one-time items” recorded in the past year. Advertisement One bright spot was the SA20 cricket and Africa Cup of Nations (Afcon) tournaments.
'Execution phase'
Showmax, the streaming service that competes with Netflix in Africa, will shut down on April 30. Beginning May 1, Showmax revenues will be reported as a discontinued operation. Showmax earned only €9 million in the first quarter, down 25% year on year due to low migration to MultiChoice's DStv platform.
With the top management team appointed and “in place”, the integration of MultiChoice has moved into what Maxim Saada, CEO of Canal+ Group, calls the “operational execution phase” of the strategy.
Reading: DStv removes premium paywall on FIFA World Cup in Canal+-era shift
The MultiChoice Voluntary Separation Scheme, which has been looming over employees since the acquisition, is “now being implemented”. The Irdeto restructuring “is on track and is entering the necessary formal consultation phase before implementation”.
Canal+ said it was on track to deliver €250 million in adjusted EBIT (earnings before interest and tax) synergy in 2026, a target it described as “accelerated”. – © 2026 NewsCentral Media
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