French media giant to list on the JSE on 3 June 2026.
French media giant Canal+ has confirmed that it will list on the Johannesburg Stock Exchange (JSE) on 3 June 2026. This follows after the acquisition of MultiChoice, one of Africa’s largest service providers.
The acquisition of MultiChoice came with strict conditions from South Africa’s competition watchdog to ensure a “significant positive impact” on the local economy.
This move makes Canal+ the first French company to list on the JSE and is seen as a vote of confidence in South African capital markets, strengthening the JSE’s role as a regional hub for media and technology.
First French company on the JSE
Canal+ has its primary listing on the London Stock Exchange (LSE). The JSE listing will be its secondary.
Maxime Saada, Canal+ CEO, said the company had a solid start to 2026 as the beginning of the operational execution phase of their strategy.
“First quarter revenue was broadly flat, with slight growth on the Canal+ historical basis (excluding MultiChoice), while MultiChoice revenue continued to decline in line with our expectations,” he said in a trading update for the three months ended 31 March 2026.
“In France and Poland, we continue to exercise rigorous cost discipline, and we are starting to see the impact of the measures introduced last year, consistent without ambition to increase profitability in Europe.”
Cost cutting decisions by Canal+ raises eyebrows
Canal+ made cost-cutting decisions that were criticised by many people after taking over MultiChoice. South Africa’s competition watchdog has previously been summoned to parliament to answer questions on the conditions it approved for the MultiChoice acquisition.
The cost-cutting decisions were to ensure that DStv’s parent company, MultiChoice, does not find itself closing down. But some of the decisions saw Showmax, one of MultiChoice’s streaming platforms, getting cancelled as it was costing too much money.
DStv is also struggling. It has been bleeding subscribers for a number of years. However, Saada said the MultiChoice turnaround strategy is on track.
“In Africa, the first initiatives of the MultiChoice turnaround plan have been launched, including strengthening the commercial engine and recruiting new sales teams.”
Important milestone
He added that listing on the JSE is an important milestone for Canal+, as MultiChoice has been delivering cost synergies for the group.
“We continue to deliver cost synergies resulting from the acquisition of MultiChoice, in line with our plans, and we reiterate our full-year 2026 guidance,” said Saada.
“Total Group revenue increased by 41% to €2,169 million, compared to the first three months of 2025 on a restated basis excluding MultiChoice Group, reflecting the significant contribution of the MultiChoice acquisition to the change in scale of the Group.
“Group revenue excluding MultiChoice increased by 1.8% to €1,567 million, mainly driven by the strong performances of Pay-TV in French speaking Africa and growth in the Content Production, Distribution and Other segment.”
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