French Media Giant Canal+ Secures Secondary Listing on JSE Following MultiChoice Takeover

French media and entertainment group Canal+ will make history on 3 June when it becomes the first French company to list on the Johannesburg Stock Exchange.

The secondary inward listing, approved through a fast-track process by the JSE and the Financial Surveillance Department of the South African Reserve Bank, will admit all 991,959,494 ordinary shares of Canal+ SA to the JSE Main Board under the abbreviated name “CANALPLUS” and share code “CNP”. Shares will trade in South African rand and be classified as domestic securities.

According to an official announcement from Canal+ Group, the primary listing and trading will continue on the London Stock Exchange under the ticker CAN, where the company first listed in late 2024. The JSE move is structured as a secondary inward listing by way of introduction and does not involve raising new capital. Instead, it aims to broaden the shareholder base and give African and South African investors direct equity exposure to a global media player whose African operations now represent a major part of its overall business.

The development was highlighted yesterday at the Africa CEO Forum in Kigali by David Mignot, General Director of CANAL+ Africa. He described the listing as “a first for a French group on African capital markets” and stressed that it encompasses the entire Canal+ Group rather than only its African subsidiaries.

The timing is significant. On 5 December 2025, Canal+ completed its full takeover of South Africa’s MultiChoice Group, the operator of DStv, GOtv, M-Net and SuperSport. That acquisition created Africa’s largest pay-television provider, with a combined subscriber base exceeding 42 million across nearly 70 countries.

The JSE listing directly honours voluntary commitments Canal+ made to South African competition authorities during the regulatory approval of the MultiChoice deal. It also responds to long-standing calls from African capital markets for international operators to make meaningful equity available to continental investors.

Canal+ has described the step as far more than a technical dual-listing exercise, positioning it as a deliberate strategy to align ownership structure with the group’s deepening operational footprint on the continent. Financial results released in late April provide further context for the confidence behind the decision.

On a reported basis, Canal+ Group revenue rose 41 per cent to €2.17 billion in the first quarter of 2026, driven entirely by the inclusion of MultiChoice. On a comparable basis that includes MultiChoice for the prior year, revenue was broadly flat at minus 0.4 per cent, while the core Canal+ business excluding MultiChoice grew 1.8 per cent. Revenue from Africa and Asia reached €889 million, underscoring the region’s growing importance.

MultiChoice itself has continued to face subscriber pressure and currency volatility in key markets such as Nigeria, with full-year 2025 revenues declining 6 per cent. However, Canal+ has moved quickly to implement a turnaround plan. The group has injected €100 million in 2026 to restart subscriber growth and has raised its expected cost synergies from the acquisition to €250 million this year, up from an initial target of €150 million.

Full-year 2026 guidance remains unchanged, with flat revenue and adjusted EBIT of €735 million. For South African and pan-African investors, the listing creates a new avenue to gain exposure to a diversified global media portfolio that includes premium content, sports broadcasting rights and streaming services. It also ties returns directly to the performance of Africa’s largest pay-television network.

Enhanced liquidity and tradability are expected to benefit both existing and new shareholders. The JSE itself stands to gain prestige and diversity from hosting a major international name with deep African roots. The listing is viewed as a vote of confidence in South Africa’s capital markets at a time when many global firms have approached the region with caution. Industry observers see the move as emblematic of a broader evolution in how European media companies regard Africa.

As trading begins on 3 June, the listing will be monitored not only for its technical execution but also for what it signals about the maturing relationship between global media capital and African financial markets. The company’s leadership has made clear that the decision reflects a long-term commitment to the continent rather than a short-term tactical step.

The listing also comes against the backdrop of ongoing integration efforts following the MultiChoice takeover. Canal+ has accelerated initiatives to harmonise operations, expand content offerings and strengthen its position in both traditional pay-TV and digital streaming. The injection of fresh capital and the upward revision of synergy targets suggest management is optimistic about realising value from the combined entity despite near-term headwinds such as currency fluctuations and subscriber churn in certain markets.

Canal+ now controls one of the continent’s most extensive broadcasting networks, giving it considerable influence over how entertainment and sports are consumed from Cape Town to Kigali. The JSE debut provides a transparent mechanism for African investors to participate in that future.

As the 3 June trading date approaches, attention will focus on how the market receives the new listing and whether it encourages similar moves by other multinationals. For Canal+ itself, the secondary listing represents both a symbolic and practical step in its evolution into a truly pan-African media powerhouse.

The group’s leadership has signalled that this is only the beginning of deeper integration between its global operations and African capital markets. The development arrives at a time when African exchanges are actively seeking to attract high-quality international listings to boost liquidity and investor confidence.