French media giant Canal+ has confirmed plans to pursue a secondary inward listing on the Johannesburg Stock Exchange (JSE) following its full acquisition of South African pay-TV leader MultiChoice Group Ltd., a deal valued at approximately $3 billion.
Canal+, in a statement released on Monday, said the move is part of its broader strategy to deepen its footprint across Africa while integrating MultiChoice’s extensive subscriber base and local market expertise into its global operations.
The company noted that the process will begin with the delisting of MultiChoice from the JSE, after which Canal+ will proceed with a secondary inward listing by introduction. This will allow South African investors to hold shares directly in the enlarged Canal+ Group, which now operates one of the largest pay-TV and streaming portfolios in the world, Bloomberg first reported.
What this means
With Canal+’s acquisition, the French broadcaster gains direct access to Africa’s largest film and television market, along with a strong distribution network and production ecosystem spanning over 50 countries.
- The merger is expected to create a combined group boasting nearly 40 million subscribers, giving the company both the scale and the financial muscle to compete with global streaming giants such as Netflix and Amazon Prime Video.
- Reports say the listing on the JSE shows Canal+’s confidence in South Africa’s capital markets and its long-term commitment to the continent’s creative and media economy.
By allowing local investors to participate in the company’s growth, Canal+ aims to maintain regional goodwill while reinforcing its position as a pan-African entertainment leader.
The transaction also represents a strategic milestone for Vivendi SE, Canal+’s parent company, which listed the broadcaster in London last December to facilitate its international expansion plans. The South African inward listing will complement that effort by anchoring the group’s African operations within a key financial hub.
What you should know
According to Canal+, the combined group will focus heavily on investment in local content, sports broadcasting, and digital innovation, positioning itself as a major player in both traditional pay-TV and the fast-growing streaming market.
- The company also plans to leverage MultiChoice’s expertise in navigating African consumer trends and regulatory frameworks to strengthen its operational base across emerging markets.
- Earlier reports showed that Paris-based Canal+, which was led by French billionaire Vincent Bollore, who already holds a significant 31.7% stake in MultiChoice, offered 105 rand per share in cash, representing a 40% premium to the company’s recent closing price.
The move has been widely interpreted as a vote of confidence in Africa’s entertainment potential. With a young, tech-savvy population and increasing demand for homegrown digital content, Canal+’s expansion through MultiChoice could mark a new era for African storytelling on the global stage.
