Canal+, the global media powerhouse that secured control of MultiChoice last year, has confirmed its intention to conduct a secondary listing on the Johannesburg Stock Exchange (JSE) on 3 June. This move will distinguish Canal+ as the first French company to list on the South African bourse. The inward listing, which awaits imminent final approval from the JSE, fulfils a specific commitment made to South African competition authorities during the MultiChoice acquisition process. This JSE presence will complement the group’s primary listing in London and is intended to improve share liquidity while offering local investors direct exposure to a media giant operating in over 70 countries with 40 million subscribers.
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The announcement coincided with a first-quarter trading update showing group revenue at €2.17-billion, representing a slight year-on-year dip of 0.4% when including MultiChoice. Standing alone, Canal+ revenue grew by 1.8% to €1.57-billion, driven by strong pay-TV results in French-speaking Africa and a 9% boost in content production following the acquisition of Italy’s Lucky Red. Conversely, MultiChoice revenue fell 6.2% to €617-million, impacted by lower content sales and equipment subsidies, though advertising remained a highlight thanks to major sporting events like the Africa Cup of Nations.
Significant structural changes are also underway as the integration enters its operational execution phase under CEO Maxime Saada. The Showmax streaming service is scheduled to be retired on 30 April, with its revenue reported as a discontinued operation from 1 May. Internally, a voluntary severance plan for MultiChoice staff is being implemented, while the restructuring of the Irdeto division has moved into a formal consultation phase. Despite these shifts, Canal+ maintains that it is on track to achieve €250-million in accelerated adjusted EBIT synergies by 2026. With a full management team now in place, the group is focused on stabilizing its South African operations within its broader global framework.
