French media giant Canal+ has reported its first set of financial results since completing its acquisition of MultiChoice, with the South African pay-TV operator contributing €683 million to group revenue – R13 billion at this morning’s exchange rate of R18.93.
MultiChoice, which joined the Canal+ group in September, also contributed €103 million (R2 billion) to adjusted earnings before interest and tax in the three months it was included for the year to December.
Canal+ CEO Maxime Saada describes 2025 as a “successful and transformational year” in a statement. He notes the group had overcome multiple challenges, including resolving legacy tax issues in France, addressing profitability concerns in Europe and concluding outstanding sports rights tenders.
Canal+’s European business is now 15% more profitable. The French media conglomerate also extended its agreement with the Union of European Football Associations (UEFA) in France for four additional seasons and refinanced its debt on more favourable terms.
“As a result of these achievements and of our relentless focus on improving our value proposition while reducing costs, we delivered revenues in-line with our guidance and exceeded our expectations on profitability and cash,” Saada adds.
Overall group revenue came in at €6.949 billion (R131.58 billion), up 0.9% on an organic basis, driven by sustained growth in Europe, Africa and Asia.
A big deal
The London-listed company cites its acquisition of MultiChoice among its “main achievements” for the 2025 year.
Canal+ completed its acquisition of MultiChoice in late 2025, having begun purchasing shares in 2020 and making a formal offer in early 2024.
By September 2025, the deal had become unconditional, marking a major consolidation in the African pay-TV market. Through the deal, MultiChoice benefits from Canal+’s strong footprint in francophone Africa, while Canal+ gains access to English-speaking African markets where MultiChoice has an established presence.
The acquisition came after a difficult period for MultiChoice. In June last year, the company said it had lost almost three million subscribers within two years and absorbed a R10.2 billion negative impact on revenue due to local currency depreciation against the dollar.
This was the result of significant financial disruption across Sub-Saharan Africa, compounded by the rise of piracy, streaming services and social media.
Ahead of the acquisition, Canal+ had been growing at a compound annual growth rate of 23% between 2010 and 2025. MultiChoice had grown at 12% on the same basis, though subscriber growth turned negative from 2020 due to inflation, load-shedding and price increases.
Canal+ has a target of growing its subscriber base from 40 million to as many as 100 million connected devices, and sees Africa as a long-term growth opportunity, citing a population expected to exceed two billion by 2050 and anticipated GDP growth of 4.5% over the next five years.
Its plan for the merged entity involves restarting the “commercial engine” through to 2027, before building foundations for the following decade from 2028. Saada said the company will “ensure we are well positioned to benefit from the continent’s growth potential and turn around MultiChoice”.
The company identified cost savings of €400 million (R7.6 billion) from combining the two businesses from 2030 onwards.
Canal+ earlier this month announced it would discontinue its Showmax streaming platform, which had three million subscribers, following a comprehensive review of streaming activities.
Saada said Canal+ expects to list on the JSE “soon”, which he described as “a significant moment for our company”.
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