JOHANNESBURG – Pay-TV group CANAL+ is confident it can turn around struggling South African broadcaster MultiChoice, its CEO said on Wednesday, as it became the first French company to list on the Johannesburg Stock Exchange.
CANAL+, which retains its primary listing in London, had committed to a South African listing when it acquired MultiChoice in 2025, giving a boost to the Johannesburg exchange, which has suffered from a series of departures and a lack of high-profile joiners in recent years.
The stock remained near its debut price of 58.50 rand ($3.59) throughout the day.
The French company's push into English-speaking Africa is part of its strategy to become a global entertainment platform in Europe, Africa and Asia.
Following the acquisition of MultiChoice, CANAL+ revealed the scale of the challenges at the South African unit, which are troubling customers, and unveiled a €100 million ($116 million) plan to revive the business.
“We are absolutely confident in our ability to turn this company around,” Chief Executive Maxime Saada told reporters after the listing.
As part of its strategy, CANAL+ is expanding partnerships with global streaming players, including the rollout of Netflix in French-speaking Africa. And it is exploring further tie-ups for its planned “super app”, Saada said, which will bring together multiple streaming services, including MultiChoice's DStv, into one platform.
Interest from major media groups has been strong, he said, with executives from Apple and Warner Bros. Discovery reaching out quickly after the MultiChoice acquisition was announced.
The group also unveiled new premium sports rights deals in football and rugby on Wednesday, aimed at attracting and retaining high-value clients.
Attracting African investors
The group's secondary listing in Johannesburg is aimed at better aligning its capital base, government relationships and creative investments with African stakeholders, Saada told those present at the JSE launch with a ceremonial kudu horn blast.
He added, “Our hope is that this listing will increase the liquidity of our shares, expand our shareholder base and support our growth ambitions. But more than that, we believe we can create value in Africa.”
CANAL+ is the only global media and entertainment group on the exchange.
JSE Chairman Phuthuma Nhleko said the listing reflects strong global confidence in South Africa's capital markets, strengthening the exchange's role in connecting international capital with African growth opportunities.
($1 = 16.2892 rand)
($1 = 0.8618 euros)