French media group Canal+ has reported revenue of approximately $7.2 billion for the first nine months of 2026, as its acquisition of South African television operator MultiChoice expands its reach across the continent.
The company’s revenue climbed 37.5% compared with the same period in 2025, largely because MultiChoice’s financial results were incorporated following the completion of the roughly $2 billion takeover in September 2025. Yet the headline growth masks ongoing challenges: when acquisitions, disposals and currency fluctuations are excluded, Canal+’s revenue slipped by 0.3%.
MultiChoice, the owner of DStv, GOtv and SuperSport, remains a key part of Canal+’s African expansion strategy. However, the South African business continues to face pressure from declining subscription revenue, leaving the French group with the task of turning its expanded customer base into sustainable growth.
Africa and Asia Become More Important to Canal+
The takeover has significantly changed Canal+’s geographic revenue profile. Income from its African and Asian operations more than tripled to approximately $2.9 billion during the nine-month period.
These markets now account for around 41% of the group’s revenue before internal eliminations, compared with approximately 18% in the corresponding period of 2025, based on reported figures. The acquisition has given Canal+ access to a much larger audience across English- and Portuguese-speaking African countries, complementing its established operations in French-speaking markets.
MultiChoice contributed about $2.02 billion in revenue during the period, while Canal+’s other operations generated approximately $5.2 billion.
The expanded footprint gives the company greater scale in a competitive entertainment market. However, its ability to benefit from that scale will depend on retaining subscribers, controlling costs and adapting its services to what households across different African markets can afford.
MultiChoice Still Struggles With Falling Subscription Revenue
Despite the increase in Canal+’s overall reported revenue, MultiChoice’s underlying performance remains a concern.
The African television operator recorded a 3% decline in like-for-like revenue during the first nine months of 2026. The pressure was particularly evident in South Africa, where weaker subscription income weighed on results.
The picture was not uniformly negative across the continent. Growth in several other English-speaking African markets helped offset some of the weakness in South Africa, highlighting differences in customer demand across the markets served by the group.
There were also indications that the decline was moderating. MultiChoice’s like-for-like revenue fell by 2% in the third quarter, an improvement on the 3.4% contraction recorded during the first half of the year.
Its reported revenue increased by 0.4% in the quarter, although Canal+ attributed that improvement partly to favourable currency movements rather than a clear recovery in underlying business performance.
The figures underline the challenge facing Canal+ following its substantial investment in MultiChoice. The French company has acquired a broader African customer base, but it must now address the reasons subscribers are spending less or leaving the service.
New Subscription Packages Aim to Retain Customers
Canal+ is responding by changing the way MultiChoice packages and markets its television services.
Chief executive Maxime Saada said the company had made progress with its turnaround strategy. In September, MultiChoice introduced a simplified offering in South Africa designed to provide customers with more content and greater choice at the same price.
The company plans to extend the revised packages to additional English- and Portuguese-speaking African markets over the coming months.
The strategy seeks to improve the value customers receive from their subscriptions at a time when households are managing rising living costs and have more entertainment options to consider.
For Canal+, the task is to find a balance between offering attractive content and maintaining a business model that can generate sustainable revenue. Packages that are easier to understand and provide a stronger mix of entertainment may help retain customers, but their success will depend on how subscribers respond in individual markets.
Sports Rights Remain Central to Canal+’s African Strategy
Live sport is another major part of the company’s plan to strengthen its position in Africa.
Canal+ has secured exclusive broadcasting rights to UEFA men’s club competitions in more than 40 African countries for the 2027–2031 cycle. Its sports offering will also include the 2027 Africa Cup of Nations and qualifying matches.
These rights could strengthen the combined appeal of Canal+, DStv, GOtv and SuperSport, particularly among viewers who subscribe primarily to watch football.
Sports programming can help broadcasters differentiate their services from international streaming platforms and other entertainment providers. However, the cost of acquiring premium rights also makes it important for companies to convert audience interest into paying subscriptions.
Beyond pay television, Canal+ has reported growth in its other African and Asian operations. Those businesses recorded 10.2% like-for-like revenue growth during the period. Its French-speaking African operations benefited from subscriber growth and more efficient distribution, while Canal+ Telecom Africa recorded double-digit revenue growth as it expanded its fibre-to-the-home network.
Vincent Bolloré’s Family-Backed Media Group Maintains Its Expansion
The acquisition is a significant part of the wider media interests associated with French billionaire Vincent Bolloré and his family.
Bolloré formally retired from his family business in 2022 but remains an influential figure in its media interests. His son, Yannick Bolloré, chairs Canal+’s supervisory board, while the family retains an approximately 30% stake in the company, according to Business Insider Africa.
Canal+ operates in more than 70 countries and has a portfolio that includes MultiChoice, film studio StudioCanal and video platform Dailymotion. Its expanded African presence gives the group access to a broader range of customers and markets.
The company has maintained its 2026 financial outlook despite MultiChoice’s continuing difficulties. It expects adjusted operating profit of about $823 million and operating cash flow exceeding $672 million. Canal+ is also targeting approximately $280 million in operating-profit synergies and $246 million in free-cash-flow benefits from integrating MultiChoice.
Canal+ Faces the Challenge of Turning Scale Into Growth
Canal+’s latest results show two contrasting developments. The acquisition of MultiChoice has sharply increased reported revenue and expanded the company’s importance in African television, but the underlying performance of its new subsidiary remains under pressure.
The French group is betting on simplified subscription packages, premium sports rights and operational efficiencies to improve performance. Growth in other African markets and its telecommunications activities provides some encouragement, although the weakness in South Africa remains a key issue.
The coming quarters will show whether the company can stabilise MultiChoice’s subscription business and deliver the financial benefits it expects from the acquisition. For African viewers, the outcome could influence the content, pricing and services offered by one of the continent’s largest pay-TV groups.
