Canal+ to debut on JSE in $3 billion listing

Canal+, the French media group controlled by Vincent Bolloré’s Bolloré Group, will debut on the Johannesburg Stock Exchange on June 3 with a market value of just over R50 billion ($3 billion), the company said Tuesday. 

The JSE approved Canal+ for a secondary listing through its fast-track process, covering all 991.9 million shares with a nominal value of €0.25 each (R4.12). The stock will trade under the abbreviated name Canalplus with the share code CNP.

Shares will trade in rand on the exchange’s Main Board under the media sector and the radio and television broadcasters subsector. 

Canal+ said its market capitalization stood at £2.25 billion, or about $3 billion, at the close of trading before the release of its pre-listing statement. 

The company will retain its primary listing on the London Stock Exchange. 

“The secondary inward listing will provide investors on the JSE with the opportunity to invest directly in a leading global media and entertainment company,” Canal+ said.

Multichoice deal shapes expansion 

The listing follows Canal+’s takeover of MultiChoice Group, owner of DStv, GOtv, M-Net and SuperSport, after steadily building its stake in the broadcaster over several years. 

The company said the JSE debut fulfills a commitment to secure a secondary listing within nine months of MultiChoice’s planned delisting in December 2025. 

Canal+ said the pledge was made voluntarily during the acquisition process, before South African competition authorities formally required it, and was later accepted by the Competition Tribunal as part of the merger approval. 

“The listing goes beyond regulatory compliance and reflects the company’s intention to maintain a meaningful presence on the South African capital market,” the company said. 

Founded more than four decades ago as a French subscription television channel, Canal+ has expanded into a global media and entertainment business spanning Europe, Africa and Asia, as well as film and television production and distribution. 

The company said its platform combines international programming with locally produced content aimed at regional audiences. 

“The combined group now benefits from greater scale, broader exposure to high-growth markets and the ability to deliver meaningful synergies,” Canal+ said in its pre-listing statement.

Africa fuels Canal+ subscriber growth

At the end of 2025, Canal+ had more than 42 million subscribers across over 70 countries and employed about 15,000 people worldwide. 

Its European business serves more than 18 million customers across 12 countries through subscription and advertising-supported television and streaming services. In Africa and Asia, the company has about 23 million pay-TV subscribers across more than 40 countries. 

Canal+ said Africa remains one of its most important long-term growth markets as rising incomes, expanding internet access and broader electrification support demand for television and streaming services. 

The company said it plans to deepen investment in African content production, technology and skills development while tailoring services to local consumer preferences. 

Its fibre provider, GVA, already supplies home internet services in nine African countries. 

Canal+ builds Africa investor base

Canal+ said the secondary listing will allow South African investors to buy shares in what it described as the only global entertainment and broadcasting company listed on the JSE. The company added that the move could improve trading liquidity, widen its shareholder base and create future opportunities to raise capital for acquisitions. 

No new shares will be issued as part of the listing and the company will not raise fresh capital on the debut date. Canal+ said sub-Saharan Africa presents a major opportunity as the continent’s population heads toward 2 billion people by 2050. The company also pointed to expectations for economic growth averaging 4.5% between 2026 and 2030. 

For Bolloré, whose fortune is estimated at about $10.3 billion, the MultiChoice acquisition deepens his media interests in Africa at a time when viewers are increasingly shifting toward streaming and digital entertainment platforms.