Canal+ Lines Up Johannesburg Listing as MultiChoice Plans Take Shape
Canal+ outlines a €100 million turnaround plan focused on content, pricing, and subscriber growth across Africa
Canal+ has fixed 3rd June 2026 as the date its shares will begin trading on the Johannesburg Stock Exchange, completing a commitment tied to its takeover of MultiChoice and restoring a route for local investors into the business.
The French media group, already listed in London, said the secondary listing forms part of the conditions agreed with South African regulators during the acquisition process. It will also mark the first time a French company trades on the JSE.
Chief executive Maxime Saada had earlier indicated the listing would follow the company’s latest financial results, placing the move within a broader effort to stabilise and reposition MultiChoice after its removal from the exchange in December 2025.
Investor Access Restored After Delisting
MultiChoice exited the JSE less than a year ago following a compulsory buyout that gave Canal+ full control. The new listing effectively reopens market participation for South African shareholders, a point the company framed as central to maintaining liquidity.
The timing also meets a regulatory window that required Canal+ to establish a local listing within 9 months of completing the deal. That process formally concluded in September 2025.
Cost Discipline and Growth Push in Africa
Alongside the listing, Canal+ is moving ahead with a recovery plan aimed at reversing pressure on MultiChoice’s core pay-TV business. The group has set aside up to €100 million (about R1.9 billion) to support the turnaround.
The approach rests on four operational tracks. Content sits at the centre, with a focus on local production and retention of premium sports rights. The company is also revising pricing structures and branding to simplify its offering across markets.
Distribution is another priority. Canal+ plans to widen its reach through hardware subsidies and an expanded field sales presence of more than 1,000 agents, targeting lower entry barriers for new subscribers.
Structural Changes Inside the Business
Efficiency measures are being introduced across support functions, including a voluntary severance programme. The group is also reorganising Irdeto, its technology and cybersecurity unit, as part of a wider push to standardise operations.
These adjustments are designed to tighten cost control while aligning systems across multiple African markets, where fragmentation has historically added complexity.
Canal+ maintains that the restructuring remains within the commitments made to competition authorities, including protections for South African employees in the near term.
Outlook
The June listing places Canal+ in a position to execute its African strategy with direct exposure to local capital markets. The test now shifts from acquisition to execution, with subscriber growth and cost control set to determine whether the MultiChoice turnaround gains traction.
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