Canal+ made its debut on the Johannesburg Stock Exchange after the French media group completed its acquisition of MultiChoice, giving South African investors a taste of the expanded pay-TV and streaming company.
The stock climbed to R58.50 in early trading, above the reference price based on its London-listed shares. Canal+ has a market value of approximately £2.5 billion and becomes the first French company to trade on the main board of the JSE.
The secondary listing gives Canal+ a rand-based market value of approximately R57.7 billion, enough to enter the FTSE/JSE Top40 index. Its inclusion will remove Mr Price from Group Gauge. Canal+ will retain its primary listing in London.
Canal+ took effective control of MultiChoice in 2025 and the African pay-TV group ended its Johannesburg listing in December. The combined company will use MultiChoice's SuperSport sports rights, local content production and DStv platform to compete with Netflix, Disney and other global streaming groups across Africa.
Keep up with the latest headlines WhatsApp | Linkedin
Chief executive Maxime Saada said Africa would be Canal+'s growth engine and the group was confident it could replace MultiChoice, which was losing customers. The company has announced a €100 million plan to revive the business and is exploring a “super app” that would link DStv with other streaming services. Canal+ also said the listing should improve liquidity, expand its shareholder base and more closely connect the company with African investors.
key takeaways
Canal+'s JSE listing is more than just a market debut. This is a sign that Africa has become central to the company's global media strategy. MultiChoice gives Canal+ scale in English-speaking Africa, sports rights through SuperSport, local production assets and a customer base that still has value despite recent pressures. The challenge is implementation. Pay-TV is under pressure as consumers cut costs and streaming platforms compete for attention. Canal+ must reduce subscriber losses, improve pricing, protect sports rights and create a digital product that can compete with global platforms.
The planned super app shows the direction: Instead of just selling traditional TV packages, Canal+ wants to become a distribution platform for multiple entertainment services. The JSE listing also provides a way for African investors to become part of the enlarged group following the delisting of MultiChoice. For the JSE, the arrival of a large global media company helps offset years of delisting and adds another major name to the market. The test will be whether Canal+ can translate African scale into development.