Canal+ Begins Trading on the JSE Following MultiChoice Acquisition

French media giant Canal+ has officially begun trading on the Johannesburg Stock Exchange (JSE), following the completion of its acquisition of MultiChoice and further expanding its footprint in Africa’s media and entertainment sector.

The secondary listing took effect on 3 June 2026 and fulfils one of the final commitments Canal+ made to South African regulators during the takeover process. MultiChoice was delisted from the JSE in late 2025 after the transaction was completed.

The listing allows South African investors to buy and trade Canal+ shares locally while the company retains its primary listing in London. No new shares were issued as part of the process.

Expanding Across Africa

The acquisition gives Canal+ access to one of Africa’s largest entertainment businesses, with MultiChoice operating in more than 50 countries across the continent. Through the deal, Canal+ gains access to millions of subscribers, premium sports broadcasting rights and an extensive library of local content, significantly increasing its reach in key African markets.

The acquisition supports Canal+’s plans to expand across Africa at a time when competition for viewers is intensifying. While demand for digital entertainment continues to grow, traditional pay-TV operators are facing increasing pressure from global streaming platforms and shifting consumer viewing habits.

Although the JSE listing completes an important regulatory requirement linked to the acquisition, investor attention is now shifting to the company’s ability to improve performance.

MultiChoice has come under growing pressure in recent years as inflation, weaker currencies and rising living costs have weighed on household spending across several African markets. The company lost approximately 1.2 million subscribers during 2025 as consumers reduced discretionary spending and competition from streaming services continued to intensify.

Against this backdrop, investors will be watching closely to see whether Canal+ can slow the subscriber decline and return the business to sustained growth.

Focus Turns to Subscriber Growth

Canal+ believes its larger scale and operational experience can help improve performance across the business. The company has earmarked approximately $115 million for turnaround initiatives and expects to reduce costs by integrating parts of the Canal+ and MultiChoice operations.

The group intends to improve efficiency, strengthen its content offering and make better use of its combined operations across the continent.

With the JSE listing now complete, attention is turning to Canal+’s next steps. Investors will be looking for signs that the company can increase subscriber numbers, improve profitability and reinforce MultiChoice’s position in an increasingly competitive entertainment market.

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