Canal+ to debut on Johannesburg Stock Exchange on June 3

Canal+, the media arm of Vivendi controlled by French billionaire Vincent Bolloré’s Bolloré Group, has confirmed plans for a secondary listing on the Johannesburg Stock Exchange (JSE) on 3 June 2026, marking the first time a French company will be listed in South Africa. 

The listing comes as the group moves deeper into the integration phase of its acquisition of MultiChoice, the South African pay-TV operator, which now sits at the center of its expansion plans across Africa. 

Canal+ said the listing is also intended to meet commitments made to South African regulators following the deal and to improve trading access for local investors.

Canal +revenue rise driven by acquisition effects 

For the three months ended 31 March 2026, Canal+ reported group revenue of €2.169 billion ($2.5 billion), up 41% from the same period a year earlier on a restated basis that excludes MultiChoice. 

On a combined view—treating MultiChoice as if it had been part of the group since January 2025—revenue was largely unchanged, slipping 0.4%. 

Chief Executive Maxime Saada said the period marked a steady start to the year as the company balances integration work with performance across regions. 

“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,” Saada said.

MultiChoice integration shapes Africa strategy 

The integration of MultiChoice is now the main focus of Canal+’s African operations, with the group rolling out a restructuring plan aimed at stabilising performance and strengthening customer acquisition. 

In South Africa, MultiChoice has paused its long-standing practice of annual price increases and increased subsidies for customer equipment in an effort to retain subscribers in a competitive market. 

At the same time, the company is tightening costs through a voluntary severance programme and plans to wind down its Showmax streaming platform on 30 April 2026 as part of a broader restructuring of its digital offering. 

Canal+ said the changes are designed to simplify operations and support long-term growth across its African markets.

Europe holds steady as content arm grows 

In its established European markets, Canal+ said performance remained stable, supported by cost controls and steady subscription revenue. 

In Poland, growth was driven by streaming subscriptions and higher advertising and wholesale income, which helped improve margins. In France, cost-cutting measures introduced last year helped offset the loss of the C8 television channel and the end of distribution through DAZN. 

The group’s film and television production unit, StudioCanal, reported a 9% rise in revenue. The increase was supported by strong box office results for titles including Guru and Children of the Resistance in France, and The Housemaid in Australia and New Zealand.

Outlook and financial targets 

Canal+ reaffirmed its full-year 2026 guidance, expecting revenue to remain broadly flat and adjusted earnings before interest and tax (Ebit) of €735 million ($860.3 million). 

It also said it expects about €250 million ($292.6 million) in cost savings from integration synergies by the end of the year.

Expanding footprint across continents 

MultiChoice, founded in South Africa in 1985, built its early audience through live sports broadcasts and local programming. It was spun off from Naspers in 2019 and now operates across multiple African markets. 

Canal+ values the acquisition at about $3 billion. The combined group now serves roughly 40 million subscribers across nearly 70 countries in Africa, Europe and Asia, with plans to invest further in sports rights and original programming. 

Vivendi listed Canal+ in London in December 2024 as part of a broader restructuring and capital-raising effort.

Bolloré’s influence in media grows 

For Bolloré, whose wealth is estimated at $10.3 billion, the deal strengthens his long-standing media interests and expands his exposure to Africa’s entertainment sector as viewing habits continue to shift toward streaming platforms.