Canal+ Expects Billions In Savings After MultiChoice Deal

Canal+ expects to generate more than €400-million (R7.5-billion) in annual earnings “synergies” from its acquisition of MultiChoice Group, underlining the strategic importance of Africa to the French media group’s long-term growth ambitions.

In a statement released on Thursday, Canal+ said the combined group is targeting run-rate cost synergies of more than €400-million at earnings before interest, tax and amortisation (Ebita) level, and more than €300-million in free cash flow, from 2030 onwards.

The group said the acquisition, which gave Canal+ effective control of MultiChoice in September 2025, had created a “unique global entertainment platform” anchored in Europe and Africa, with increased scale allowing it to optimise costs across content, technology and other group functions.

Canal+ CEO Maxime Saada said the deal positioned the group to capitalise on Africa’s long-term growth potential, while also delivering substantial efficiencies. “Our increased scale will enable us to generate substantial synergies, particularly across our cost base,” he said.

Africa is central to Canal+’s growth plans. The company said a combined management team is now responsible for all African markets under the leadership of Canal+ Africa CEO David Mignot, bringing together executives from both businesses.

The group cited favourable long-term trends on the continent, including rapid population growth, improving economic prospects and rising electrification and pay-TV penetration. Canal+ said its African subscriber base grew from 400 000 to nine million between 2010 and 2025, while MultiChoice’s customer base expanded from 3.9 million to 14.1 million over the same period.

Cost base

Together, the combined group has more than 40 million subscribers and operates in more than 70 countries. Canal+ said it is targeting between 50 million and 100 million subscribers over the longer term.

The company added that work is already under way to return MultiChoice’s African operations to growth following subscriber pressure in recent years. Further details on its plans for MultiChoice markets will be shared alongside Canal+’s full-year results in March.

Canal+ estimates the combined group’s 2025 cost base at around €8-billion, split between content costs of about €4.6-billion and technology and other costs of roughly €3.4-billion.

Cost synergies are expected to ramp up steadily, with more than €150-million in Ebita and free cash flow benefits targeted in 2026, rising to more than €300-million by 2028 and reaching full run-rate levels from 2030.

The group said more than €80-million of free cash flow synergies for 2026 have already been secured, including through new content partnerships, renegotiated hardware prices, optimisation of broadcasting and technology infrastructure, and the refinancing of MultiChoice’s long-term debt.

Implementation costs linked to the integration are expected to total about €35-million in 2026, rising to €40-million in 2028 and then declining to €20-million in 2030.

To support delivery of the synergies, Canal+ has centralised key group functions, including sports and entertainment content acquisition, technology, and procurement. It has also established dedicated governance structures to track and manage integration and cost savings.

Canal+ will provide further detail on the combined group’s strategy when it publishes its results for the year ended 31 December 2025 on 11 March 2026.