Canal+, the French media company that acquired South African pay-TV provider MultiChoice, began trading on the Johannesburg Stock Exchange (JSE) as part of a regulatory commitment tied to its $3 billion purchase. The listing, which occurred in December 2025 after the acquisition closed, allows South African investors to trade Canal+ shares locally without accessing foreign markets. This is a secondary inward listing, meaning no new shares are being issued and Canal+ retains its primary listing on the London Stock Exchange. The move fulfils a condition Canal+ agreed to when buying MultiChoice, which delisted from the JSE following the takeover. The acquisition gave Canal+ access to over 50 African countries, millions of subscribers, major sports broadcasting rights, and a large local content production arm. Despite these assets, MultiChoice lost 1.2 million subscribers in 2025 amid economic pressures including inflation, weakening currencies, and rising competition from global streaming platforms. Canal+ has allocated $115 million for a turnaround strategy and expects cost savings through operational integration. The JSE listing does not represent new investment but provides visibility and accessibility for local investors. The real test for Canal+ will be reversing subscriber losses and regaining market traction across Africa. The company's growth ambitions on the continent now depend on execution, not ownership.
Canal+ listing on the JSE fulfils a regulatory box but changes nothing about its ability to win back subscribers lost in 2025. The $115 million turnaround fund assumes integration will drive savings, yet MultiChoice was already cutting costs before the deal. If price and content failed to retain users then, a new stock ticker won't fix that now.
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