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French media giant Canal+ says its strategy to revive MultiChoice Group is beginning to deliver positive results, with stronger subscriber acquisitions and improved profitability signalling early progress less than a year after completing its takeover of Africa’s largest pay-TV operator.
The company disclosed the update in its half-year financial results, noting that while MultiChoice continues to face revenue pressure, the pace of decline has eased significantly as operational reforms begin to take effect. Canal+ completed its acquisition of MultiChoice in September 2025, inheriting a business that had experienced prolonged subscriber losses across several African markets.
Subscriber Growth Shows Signs of Recovery
According to Canal+, customer acquisition across MultiChoice’s markets increased by 40 percent year-on-year, with June 2026 marking the strongest month for new subscriber additions in South Africa in the past decade.
Chief Executive Officer Maxime Saada said the turnaround strategy is gradually reducing the rate of decline in the business, expressing confidence that the company would eventually stabilise operations before returning to sustainable growth.
Revenue Decline Narrows
During the first half of 2026, MultiChoice generated €1.19 billion in revenue, representing a 2.9 percent year-on-year decline. However, the performance marked an improvement from the 6.2 percent contraction recorded in the first quarter, suggesting that recovery efforts are beginning to gain traction.
Canal+ attributed the improvement to a comprehensive restructuring programme that includes expanding retail distribution channels, subsidising decoder equipment to make services more affordable, and widening access to its television offerings across African markets.
Cost Synergies Begin to Deliver
The French broadcaster also reported that it had realised €122 million in cost synergies from the MultiChoice acquisition by the end of June.
Among the integration measures already implemented is the closure of the loss-making Showmax streaming platform, alongside broader operational efficiencies designed to strengthen the combined group’s financial performance.
Canal+ Delivers Strong Half-Year Performance
At the group level, Canal+ recorded €4.29 billion in revenue during the first six months of 2026, representing a 0.6 percent increase compared to the corresponding period last year.
Adjusted earnings before interest and tax rose 19.1 percent to €433 million, supported by strong performances from its legacy operations in Africa and Asia as well as its content production subsidiary, StudioCanal, whose revenue increased 9.9 percent.
Excluding MultiChoice, Canal+ said its revenue grew 1.8 percent, underscoring the resilience of its broader media and entertainment portfolio. The company also reaffirmed its full-year revenue and earnings guidance, reflecting confidence in its business outlook.
Africa Remains Central to Growth Strategy
Canal+’s latest results highlight the strategic importance of Africa to the company’s long-term expansion plans.
Industry analysts note that restoring MultiChoice to sustainable growth will be critical to Canal+’s ambitions on the continent, particularly as competition intensifies in the pay-TV and streaming markets. Continued investment in affordable subscription packages, broader retail access and operational efficiency is expected to play a key role in attracting and retaining customers.
While challenges remain, the latest performance suggests that Canal+’s turnaround strategy is beginning to yield measurable results, offering renewed optimism for MultiChoice’s recovery and the future of Africa’s largest pay-TV business.
