South Africa’s MultiChoice Group, itself now considerably under the influence of Canal+, has admitted it is facing financial headwinds. It will publish its full numbers on November 12th, but in a trading update issued on November 7th it said it has moved from a profit at the same time last year to a loss now.
The first half of the 2025 financial year, it said, was “negatively impacted by severe pressure in the macroeconomic, foreign exchange rate and consumer environment in key markets, most notably Nigeria and Zambia”. Those headwinds include the pay-TV streaming efforts of Netflix, Prime Video and other on-demand rivals.
MultiChoice, which owns the DStv portfolio of channels as well as SuperSport and Showmax options, described the operating environment as “the most challenging” in the group’s history. Adding to the financial pressures is the huge investment the group has made – and continues to make – in Showmax, its streaming competitor.
“MultiChoice has entered the peak investment cycle of Showmax and expects losses and headline losses per share to increase as a result of the early life cycle of the Showmax business,” it said in the trading update.
Canal+ currently owns a 45.2 per cent stake in MultiChoice and will take full control once the take-over is approved. and is backing the plan to use a combined MultiChoice/Canal+ to create a programming power-house for Africa and beyond.
Canal+ and MultiChoice made a joint ‘merger control filing’ to South Africa’s Competition Commission in October and are discussing the merger with the country’s Independent Communications Authority of South Africa (ICASA) and other regulatory authorities.
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