Trading activity on the Johannesburg Stock Exchange took a notable turn this week as Canal+ officially began trading under the ticker “CNP.”
The listing marks the culmination of a multi-year strategy that ultimately saw the French media giant take full control of Africa’s leading pay-TV operator, MultiChoice.
The move introduces Canal+ shares to South African investors in rand-denominated form, expanding its footprint beyond its primary listing in London while strengthening its presence in one of its most important growth markets.
Fast-Tracked Listing Brings Nearly One Billion Shares to Market
Canal+ entered the local bourse through a secondary listing approved under a fast-track process granted by the JSE last month.
The listing covers all 991.9 million shares, each carrying a nominal value of €0.25 (about R4.12), and places them on the exchange’s main board.
The stock has been positioned within the media sector, specifically under the radio and television broadcasting sub-sector.
Despite its new South African presence, Canal+ maintains its primary listing on the London Stock Exchange, keeping its dual-market structure intact.
From Minority Stake to Full Takeover: A Four-Year Push
The listing caps a long acquisition campaign that began in October 2020, when Canal+ first acquired a 6.5% stake in MultiChoice.
Over time, the French broadcaster steadily increased its holding, reaching 35% by early 2024.
That momentum led to successive buyout offers for MultiChoice, initially at R105 per share and later raised to R125 per share, as the company pushed toward full ownership of the Randburg-based broadcaster.
By September 2025, Canal+ had completed its takeover, giving it control of one of Africa’s largest entertainment platforms and reshaping the continent’s pay-TV landscape.
Regulatory Pressure Shapes Deal Structure
The transaction faced significant regulatory scrutiny due to South Africa’s restrictions on foreign ownership in broadcasting, governed by the Independent Communications Authority of South Africa.
Rules limiting foreign voting rights to 20% created a major hurdle during negotiations.
To comply, the companies implemented a restructuring plan that separated the licensed broadcasting operations in South Africa into a distinct entity.
The new structure ensured that the broadcasting licence holder and subscriber-facing business—known as LicenceCo—operates independently within the broader group framework.
This arrangement allowed the deal to proceed while remaining aligned with domestic ownership and control regulations.
Local Commitments and Investment Targets
As part of the acquisition agreement, Canal+ committed to significant local investment, including a pledge to spend R20.6 billion on local content over a three-year period.
The commitment was designed to support South Africa’s creative industry and maintain regulatory approval for the transaction.
The secondary listing on the JSE also fulfils one of Canal+’s key promises to regulators by ensuring continued local investor participation in the enlarged group structure.
Strategic Overhaul and Cost-Cutting Drive After Takeover
Since completing the acquisition, Canal+ has moved quickly to reshape operations at MultiChoice.
Efforts have focused on reducing costs and stabilising subscriber numbers after years of customer losses.
The company’s subscriber base now stands at roughly 14 million, down from previous peaks as competition and shifting viewing habits put pressure on traditional pay-TV services.
One of the most consequential early decisions under Canal+ control was the shutdown of streaming platform Showmax.
Despite investments exceeding R5 billion, the service struggled to achieve profitability, prompting its closure as part of a broader restructuring strategy aimed at streamlining the business.
A Rare French Listing on the South African Market
Canal+’s debut on the JSE is also notable for its symbolic impact.
It becomes one of the few major French companies to list in South Africa at a time when the exchange has faced concerns over declining listings.
During the listing event, Canal+ chief executive Maxime Saada described the move as a way for African investors to participate directly in the company’s future growth, reinforcing the group’s long-term commitment to the region’s entertainment sector.
