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CANAL+ Becomes First French Company To List In Johannesburg
Shares of pay-TV group CANAL+ rose on its Johannesburg Stock Exchange trading debut on Wednesday, when it became the first French company to list in South Africa following a deal with local broadcaster MultiChoice Group last year.
The company, which has a primary listing in London, climbed to 58.50 rand at market open
At the time of CANAL+’s acquisition of MultiChoice in 2025, it said it would have a secondary listing in South Africa, providing a boost for Johannesburg’s stock exchange, which has suffered from a series of departures and few high-profile joiners in recent years.
CANAL+, which had a market capitalisation of £2.25 billion (51 billion rand) on the day prior to its pre-listing announcement on May 12, is the only global media and entertainment group on the exchange.
Its move into English-speaking Africa reflects its stated ambition to become a global entertainment platform across Europe, Africa and Asia.
CEO Maxime Saada said the Johannesburg secondary listing aligns the group’s capital, government relationships and creative resources with African investors, partners and audiences.
“Our hope is for this listing to enhance the liquidity of our shares, to broaden our shareholder base and to support our growth ambitions. But more than that, we believe that we can create value in Africa,” he told spectators before blowing into a Kudu horn to signal the company’s market debut.
JSE chairman Phuthuma Nhleko said the listing reflects strong global confidence in South Africa’s capital markets, reinforcing the bourse’s role in linking international capital with African growth opportunities, and highlights continued belief in the continent’s long-term prospects.
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Canal+ Announces JSE Listing, Unveils More Details
French media conglomerate and the MultiChoice Group’s new owner, Groupe Canal+, announced that its shares will begin trading on the Johannesburg Stock Exchange on 3 June 2026.
“The JSE has granted approval to Canal+ for a secondary listing, by way of introduction using the fast-track listing process, of all its issued ordinary shares,” Canal+ stated.
Canal+ said it has 991,959,494 ordinary shares in issue with a nominal value of €0.25 (R4.84) each. They will launch on the JSE’s main board under the abbreviated name “CANALPLUS”, share code “CNP”.
“The Financial Surveillance Department of the South African Reserve Bank has approved the fast-track secondary inward listing of CANAL+ on the JSE, which will be classified as ‘domestic’.”
This comes five months after MultiChoice delisted from the stock exchange on 10 December 2025. It had been on the JSE for 6 years and 9 months, and was delisted following its acquisition by Canal+.
Canal+ stated that it will be the first French company to trade its shares on the South African stock exchange.
The French media giant confirmed that it would pursue a secondary listing on the JSE in October 2025. Groupe Canal+ is already listed on the London Stock Exchange.
The secondary listing was part of the undertakings Canal+ made to the Competition Commission when it sought approval to acquire MultiChoice.
The London Stock Exchange, where Canal+’s primary listing will remain, offers a “Secondary Listing” section that is self-regulated. It is designed for firms that wish to add a foreign listing.
Canal+ said a secondary listing on the JSE will preserve South African investor access and market liquidity.
The company had committed to a nine-month timeframe for its secondary listing, aiming to have its shares trading on the JSE before September 2026.
The DStv owner was originally owned by Naspers, but the MultiChoice Group was spun out into a separate listing in February 2019, with an opening share price of R95 per share.
Naspers said the unbundling aimed to unlock value for shareholders, while simultaneously creating an empowered, top-40 JSE-listed African entertainment company.
“Listing and unbundling MultiChoice Group is intended to create a leading entertainment business listed on the JSE that is profitable and cash generative,” former MultiChoice chairman Imtiaz Patel said.
“We offer an unmatched selection of local and original content, as well as a world-class sports offering.”
Could Canal+ Look To Discontinue DStv Easyview?
As some people have noticed in the last months, Canal+ has been cleaning house at MultiChoice after completing it's buyout in 2025. This included the discontinuation of Showmax and reduction in costs for its decoders.
Canal+ had mentioned that MultiChoice charges way too much for its services in Anglophone markets compared to them in Francophone Africa. This is what's causing people to flee their offering with plans underway to rectify this error.
MultiChoice currently offers 17 different packages from DStv Premium to Easyview with various Add-ons from Explora Ultra and AddMovies. Not to mention, there is GOtv which we might discuss later
Canal+ made it clear that this is not what consumers want and this many offerings drives a lot of confusion. They pivoting and looking to offer less brands, more simplicity, cheaper packages and decoders.
DStv Premium in it's current form could be a goner amidst this restructure I don't think it will die down like Compact+ but in terms of pricing and content that's likely to change. Same goes for its lower entry packages such as DStv Family and Easyview.
Canal+ wants to ensure that MultiChoice remains competitive in the long run and view Africa as the next destination to help in those endeavours. This would include trying to make DStv packages attractive for which DStv Easyview is not.
DStv Easyview serves as the cheapest offering amongst MultiChoice's services which carries mainly provincial and news channels with other content in the mix. This would include SABC 1-3, Soweto TV, SABC News, BBC UKTV and Real Time.
In other MultiChoice markets, this offering is known as DStv Lite which has seen more press and enhancements with SuperSport Variety 4, Mzansi Bioskop, Telemundo and BBC Lifestyle. MultiChoice SA has been fallen behind with other markets here.
We don't know what the final DStv product will look like but if Canal+ sees the audience numbers on Easyview are low - they might discontinue it. MultiChoice has never revealed how many people use Easyview as they usually liked grouping figures.
DStv Easyview numbers went hand in hand with Access and Family, and while they didn't divulge numbers it's clear to some that it has the least subscribers amongst packages.
MultiChoice often treats DStv Easyview like it's failed GOtv pay-tv venture in South Africa. They don't really market the offering as much as other countries do with DStv Lite or curate content exclusively for those audiences.
DStv Access consumers got KykNET Lekker and Moja 9.9. which by all means are not carried on other packages while Easyview inherited Magic Showcase which is also seen on Access.
If Canal+ is able to reverse DStv's growth projection, the question would have to be whether they'd still want something like Easyview. It currently competes with Openview which has two sports channels, three Bollywood channels and only lacking in local news.
Companies like MultiChoice or at least the ones I've seen in other African markets or even MultiChoice Africa don't really offer such package. The cheapest package being DStv Lite costs KSh 750 (R97.50) in Kenya while Access is KSh 1,450 (R188.50).
In some MultiChoice markets either one serves as the cheaper alternative.
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Canal+ To List On JSE As Revenue Continues To Plummet
CANAL+ has reported broadly flat revenues for the first quarter of 2026, as the group moves into the operational phase of its post-acquisition strategy following the addition of MultiChoice Group.
Total group revenues reached €2.17 billion, down 0.4% on a comparable basis including MultiChoice, but up 1.8% to €1.57 billion when excluding the African business. On a reported basis, revenues increased 41% reflecting the enlarged scale of the group.
CEO Maxime Saada said the company had made a “solid start” to the year, with execution of its strategy now underway and early synergies from the MultiChoice deal being delivered in line with expectations.
In Europe, revenues fell 1.6% to €1.13 billion, following the end of the distribution of DAZN in France, as well as the divestment of the DTH subscriber base in Hungary in 2025. However, Poland remained a bright spot, with continued growth in OTT subscriptions and advertising revenues. The OTT business in Austria also made a strong start.
Africa and Asia revenues rose sharply to €889 million due to the inclusion of MultiChoice, though on a like-for-like basis revenues declined slightly, reflecting ongoing pressure on the South African operator’s non-subscription income. Subscription revenues remained broadly stable at constant currency.
The group confirmed that its MultiChoice turnaround plan is now in motion, including expanded sales operations and revised pricing strategies. At the same time, CANAL+ is progressing with cost synergies, targeting €250 million in savings in 2026.
Streaming also remains a key area of transition. The group will phase out the Showmax OTT service by the end of April, migrating content and users onto MultiChoice’s DStv platform as part of a broader platform consolidation strategy.
Content production arm STUDIOCANAL delivered a strong performance, with revenues up 9% driven by box office success across multiple territories and continued growth in content licensing.
Elsewhere, video platform Dailymotion reported advertising growth, particularly in the US, alongside expansion of its professional services offering.
CANAL+ reiterated its full-year guidance, expecting flat revenues and adjusted EBIT of €735 million, with free cash flow above €250 million.
The group is also preparing for a secondary listing on the Johannesburg Stock Exchange on 3 June, marking a key milestone following its expansion into African markets.
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Canal+ To Shutter Showmax Streaming Service By The End Of April As Content Moves To DStv Stream
Showmax has today confirmed key dates marking the end of the streaming service that has operated across 44 markets in Sub-Saharan Africa for the past 11 years.
In an email sent to subscribers on Wednesday evening, the platform outlined a phased wind-down of its current service, with 31 March 2026 set as the final day for subscription renewals and voucher redemptions. From 1 April 2026, new subscriptions and renewals will no longer be available.
Existing subscribers will continue watching content until their subscription expires, or until the end of April 2026, whichever comes first.
This new update provides the clearest consumer-facing timeline yet, following the announcement roughly two weeks ago that Canal+ would shut down Showmax, citing “unacceptable” losses at the African streamer as it sought cost-saving measures.
That announcement sent shockwaves across the industry, from Nairobi to Lagos to Johannesburg, with filmmakers and actors raising concerns over the loss of a key African platform that had, for over a decade, commissioned and amplified local storytelling at scale.
At the same time, the announcement was also met with uncertainty, particularly due to the absence of a clear shutdown timeline or transition plan for subscribers.
Even now, some subscribers have already begun expressing frustration over the short transition window. “It’s really annoying how little time is left,” one subscriber and regular Showmax viewer said in a WhatsApp message.
Showmax Originals will now move to DStv Stream, positioning it as MultiChoice’s central hub for streaming offering, at least for now.
“Showmax is starting a new chapter, and your favourite shows are getting a shiny new home on DStv Stream,” the company said in the email.
But the language used in the communication also suggests that there is more to come. In stating that the content will join “a bigger world of entertainment, all in one place,” MultiChoice hints at a broader consolidation strategy — one that could see Canal+ and MultiChoice’s currently fragmented digital products folded into a more unified streaming ecosystem. There have been reports that Canal+ is exploring a single “super app”, one to rule them all, though this remains unconfirmed at this stage.
In the meantime, it remains unclear whether Showmax users will be migrated to DStv Stream, and what that process would look like in terms of pricing, packaging and access, especially given the current price disparity between the two services.
Possible Canal+ Victims: SuperSportBET, SuperSport Park, SA20 League And SuperSport Schools
During the week, it was announced that MultiChoice ended it's sponsorship for the DStv Delicious Festival after 13 years. This forms part of Canal+'s cost cutting measures after acquiring the company by late 2025.
This news doesn't really come as a surprise to some outlets as Canal+ had been trying to exit services which has been deemed non-core to its strategy. And DStv Delicious Festival served as an unnecessary expense for the French broadcaster.
Other assets also at MultiChoice that could be under review come from SuperSport and this ranges from SuperSport Park, SuperSportBET, SuperSport Schools and SA20 League.
SuperSport Park is a cricket stadium located in Centurion, It is the home ground of the Titans cricket team and hosts international Test, ODI, and T20 matches. This comes with a lot of physical expenses that the company doesn't need.
Because Canal+ can't retrench anyone for three years that doesn't block them from selling SuperSport Park. In the event of a sale, workers would fall under the new owner's jurisdiction and not that of MultiChoice and SuperSport.
SuperSportBET is an online sports betting and casino platform launched in January 2024 by MultiChoice Group in partnership with KingMakers (Betking). It still operates at a loss compared to established brands like Betway and HollywoodBet.
If it's situation doesn't improve there's a strong chance that Canal+ will discontinue its services.
The SA20 (officially Betway SA20) is South Africa’s premier domestic T20 franchise cricket league, launched in 2023 as Cricket South Africa’s (CSA). It forms part of a venture with MultiChoice and SuperSport with them having minority stake.
The reason this comes under the microscope is due to the stake as Canal+ serves a distributor of sporting events. They're not the type to offer grassroot events or sponsorships which is where SuperSport Schools also factors in.
Not that Canal+ also owns SuperSport Schools, if they were to be paying for a separate production facility, travel costs for some of the players and other accomodations. Those could form part of the cost cutting measures at MultiChoice.





