Canal+ debuts on JSE after MultiChoice deal, shares open higher

Canal+ has officially made its debut on the Johannesburg Stock Exchange on Wednesday, completing a long-planned secondary listing that follows its multibillion-dollar acquisition of African pay-TV group MultiChoice. 

The listing adds the French media group to South Africa’s main board and gives local investors direct exposure to a global entertainment business with an expanding footprint across Africa and Europe. 

Shares opened stronger in early trade, rising to R58.70 ($3.6) at the time of writing, above the reference price derived from its London-listed stock. Canal+ is valued at about £2.5 billion ($3.3 billion), making it the first French company to trade on the JSE’s main board. 

With a rand-based market value of roughly R57.7 billion ($3.5 billion), the company is set to join the FTSE/JSE Top40 Index, replacing Mr Price Group and placing it in the same bracket as Old Mutual.

Africa at the center of Canal+ strategy 

Speaking ahead of the listing, Canal+ chief executive Maxime Saada said Africa will remain central to the company’s long-term business plans. 

“Africa will be our growth engine for years to come,” Saada said in a statement. “We are proud to become the first French company ever to list in Johannesburg and the only global media and entertainment company listed on the exchange.” 

He added that the dual listing, following the company’s admission to the London Stock Exchange in 2024, strengthens its position between Europe and Africa and broadens its investor base. 

“CANAL+ serves more than 40 million subscribers and generates €9 billion ($10.4 billion) in annual revenue. Africa will be our growth engine for years to come, and we are dedicated to creating value on the continent and sharing it with our African partners, investors and the creative community,” he said. 

Canal+ was spun out of French conglomerate Vivendi SE, controlled by billionaire Vincent Bolloré, and later completed its primary listing in London in December 2024.

MultiChoice deal reshapes African media landscape 

The Johannesburg listing comes after Canal+ took effective control of MultiChoice in September last year, with the South African pay-TV operator delisting from the JSE in December. 

The new structure gives Canal+ expanded scale across Africa’s fast-growing entertainment market and deepens its content library, combining its European catalogue with MultiChoice’s regional assets. 

The company now competes more directly with global streaming and media groups such as Netflix and Walt Disney, particularly in African markets where demand for both international and locally produced content continues to grow. 

Canal+ plans to integrate MultiChoice’s sports broadcasting assets, including SuperSport’s Premier League rights, with its own production capabilities to strengthen its regional offering and stabilize subscriber trends.

JSE highlights international listings push 

Johannesburg Stock Exchange Group chief executive Valdene Reddy said the listing reflects growing cross-border participation in African capital markets. 

“We are proud to welcome Canal+ to the JSE and to mark the first listing of a French company on our exchange,” Reddy said. 

“Canal+ has built one of the world’s leading media and entertainment businesses, with a significant and growing presence across Africa. Their listing on the JSE is an important milestone for the company and for the continued internationalisation of African capital markets.” 

She added that the exchange continues to position itself as a gateway for global investors seeking exposure to African growth sectors. 

The Canal+ debut is the second listing on the JSE this year, following Toronto-based Aimia Inc. in February. In 2025, the exchange recorded its strongest year for initial public offering proceeds since 2017, supported by listings such as Cell C Holdings and fintech group Optasia.

JSE strengthens its market position

Following the listing, the JSE now hosts 263 companies with a combined market capitalization of more than R25.2 trillion ($1.5 trillion). The exchange remains Africa’s largest by market value and continues to attract multinational issuers seeking liquidity, regulatory depth and regional investor access. 

Canal+, meanwhile, enters its next phase of integration with MultiChoice, as it looks to consolidate its position across European and African markets while navigating an increasingly competitive global streaming industry.