The company disclosed the plan on Wednesday as it reported stronger-than-expected core earnings for 2025, trusting Africa’s long-term growth potential despite competition in the region’s media and streaming market.

Canal+ said earnings before interest, tax, depreciation and amortisation (EBITDA) reached 527 million euros ($613 million) in 2025, beating its earlier forecast of 515 million euros.

The combined Canal+ and MultiChoice group generated 8.665 billion euros in revenue during the year and now serves 42.3 million subscribers across operations in Europe, Africa and Asia.

Africa expansion plan

Following its takeover of MultiChoice, Canal+ said it would roll out a 100-million-euro investment programme aimed at strengthening the business in African markets.

The plan includes improving content offerings, simplifying subscription packages and expanding the company’s sales network by recruiting more than 1,000 sales agents across the continent.

The hiring drive comes as MultiChoice’s subscriptions decline. The company’s subscriber base fell from 14.9 million to 14.4 million in 2025, due to economic challenges in key markets and competition from global streaming platforms.

Canal+ CEO Maxime Saada has previously described Africa as a major growth opportunity for the group, saying the company intends to build on MultiChoice’s strong regional presence.

Showmax shutdown and restructuring

Earlier this week, Canal+ confirmed it would discontinue Showmax, the streaming platform previously operated by MultiChoice, after the service struggled to reach profitability.

Launched in 2015, Showmax was created as a pan-African streaming service designed to compete with international platforms such as Netflix, Amazon Prime Video and Disney+.

However, losses from the service increased in recent years, with MultiChoice reporting an 88% jump in trading losses before the takeover.

Alongside the expansion effort, Canal+ said it would introduce a voluntary severance programme for certain support roles at MultiChoice as part of a broader restructuring plan.

For 2026, Canal+ expects moderate organic revenue growth, with adjusted EBIT projected to reach about 565 million euros.

The company also forecast cash flow from operations above 500 million euros and an adjusted EBIT margin exceeding 9%.

While MultiChoice’s revenue may decline slightly this year, Canal+ said profitability is expected to improve, with adjusted EBIT forecast to rise to around 170 million euros.

Canal+ completed its $3 billion acquisition of MultiChoice in September 2025, creating one of the largest pay-TV groups operating across Africa, Europe and Asia.

The company said it will present a detailed integration and growth strategy for the combined business in a strategic update expected in early 2026.

This comes after Canal+ secured a 94.39% stake in MultiChoice, completing one of the largest transactions in Africa’s media industry. Its buyout offer of R125 per share was accepted by more than 90% of MultiChoice shareholders, giving the French company legal grounds to execute a “squeeze-out” of the remaining investors in accordance with section 124(1) of South Africa’s Companies Act.

“Upon the exercise of the squeeze-out, MultiChoice Group will become a wholly-owned subsidiary of Canal+, and an application will be made for the termination of the listing of MultiChoice Shares on the JSE,” the companies said in a joint statement.

Once the delisting process is completed and approved by the South African Reserve Bank, Canal+ will initiate a secondary inward listing on the JSE. 

The group, which was listed on the London Stock Exchange in 2024 under parent company Vivendi SE, said the new listing will enable South African investors to retain access to its expanded global operations.

“A secondary inward listing will preserve South African investor access and market liquidity, allowing local investors to hold shares in a leading global media and entertainment company on the JSE,” the company stated. 

“It will broaden the investor base of Canal+, reinforce the company’s long-term commitment to South Africa and Africa’s creative economy, and support continued institutional exposure to the media sector.”

The $3 billion acquisition is the largest in Canal+’s history, establishing a combined entity that serves more than 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia. 

The integration of MultiChoice’s regional dominance with Canal+’s global reach marks a major consolidation in the continent’s pay-TV and streaming industry.

“We are pleased with the overwhelming success of the offer,” said Canal+ Chief Executive Officer Maxime Saada. “Following this outcome, we will be moving ahead with a squeeze-out of MultiChoice shareholders and a subsequent secondary inward listing of CANAL+ in Johannesburg.”

Saada reaffirmed that the company’s expansion into Africa was driven by a strategic and cultural commitment. “Given the important role Canal+ will now play in South Africa and across the African continent, I believe it to be critically important that domestic investors have the ability to have exposure to it,” he said.

The acquisition is expected to boost investment in Africa’s creative industries, with Canal+ positioning itself as a long-term player in the region’s fast-evolving entertainment sector. 

As integration begins, both firms plan to announce changes to their executive structures to reflect the merger of operations and leadership across markets.

With this move, Canal+ strengthens its presence in Africa and also cross-continental media collaboration, uniting European capital with African creativity in a rapidly globalising entertainment industry.

The new deadline is now set for 8 October 2025, instead of the initial 8 April timeline.

The merger, which would be Canal+’s largest acquisition to date, aims to strengthen its presence in Africa, particularly in English-speaking markets. The company has been expanding aggressively since separating from its former parent company, Vivendi, in December 2024.

Announcing the extension on Tuesday, Canal+ CEO Maxime Saada said, “The timing of this transaction is critical and we will continue working tirelessly to ensure finalisation within this timeframe.” Both Canal+ and MultiChoice confirmed that while the approval process is still ongoing, the terms of the acquisition remain unchanged.

While the MultiChoice deal is expected to enhance Canal+’s growth prospects, the company has forecasted a decline in revenue for 2025. 

This is attributed to the discontinuation of its free-to-air French channel C8 and the end of key third-party distribution agreements, including one with Disney. 

Nonetheless, Canal+ expects moderate growth in subsequent years, even without factoring in the potential impact of the MultiChoice acquisition.

In its latest financial report, the Paris-based company recorded a 2.3% increase in revenue for 2024, reaching €6.4 billion, alongside a 4.2% rise in adjusted earnings before interest and taxes (EBIT) to €503 million.

Since debuting on the London Stock Exchange in December 2024, Canal+ shares have taken a hit, dropping by 40%—a decline analysts attribute to limited clarity on the company’s future strategy and considerations over the pending MultiChoice deal. 

However, the broadcaster remains focused on growing its subscriber base, with a target of reaching 100 million subscribers globally.

As of 2024, Canal+ had 26.93 million subscribers, with 17.24 million in Europe and 9.69 million in Africa and Asia. The company is moving its business model towards direct-to-consumer subscriptions, which now account for a significant portion of its revenue.

With this Canal+ targets a strategic bid to expand its global footprint and strengthen the presence of MultiChoice internationally.

Per reports, the offer stands at 105 Rands per share, a substantial premium compared to MultiChoice’s closing price of 75 Rands on the preceding Wednesday, bringing about a surge in MultiChoice’s shares by as much as 27%.

Canal+ has been steadily increasing its stake in MultiChoice since 2020, and this offer signals a considerable leap in its African target. With Vivendi’s history of assertive takeovers, industry analysts have been anticipating a move like this, reminiscent of Vivendi’s past acquisition strategies in the gaming industry.

For Canal+, acquiring MultiChoice represents a key moment in its African expansion. Over the past decade, Canal+ has intensified its focus on the continent, witnessing substantial growth from 1 million to 7.6 million African subscribers by 2023. The acquisition of ROK Studios in 2019 further highlighted Canal+’s affirmation to enrich its content offerings in Africa.

However, regulatory hurdles stand large on the path to acquisition. South African law restricts foreign entities like Canal+ from owning more than 20% of a local broadcaster’s voting rights. Despite Canal+’s escalating stake in MultiChoice, a complete takeover seems improbable under current regulations.

Canal+ acknowledges the regulatory sector and expresses its commitment to complying with South African media sector laws. The firm’s proposal outlines its vision to create an African media platform, equipped with enhanced scale and resources to thrive in a fiercely competitive global market.

Maxime Saada, Chairman and CEO of Canal+, noted the potential of the acquisition for MultiChoice, envisioning increased investments in local content, technology, and talent. The proposed merger aims to secure MultiChoice’s long-term goal and strengthen its status as a leading media company in Africa.