Technology

Say goodbye to Multichoice as you know it

Luke Fraser

 ·28 Jul 2026

Canal+ has started an aggressive turnaround strategy for Multichoice, with the broadcaster seeing its best subscriber acquisition in a decade.

French broadcaster Canal+ took control of MultiChoice, the owner of DStv, in a deal worth over R50 billion in 2025.

The new era has already started with several high-profile changes, including the shutdown of Showmax and the move of content decision-making for the South African market to Paris.

In its half-year results for 2026, Canal+ gave further details of Multichoice’s turnaround.

This included subscriber acquisition up 40% year over year in Multichoice countries, with June 2026 being the best subscriber acquisition month in South Africa in a decade.

Multichoice’s network also expanded, with the number of points of sale increasing by over 15% since March.

The group reduced equipment prices for new subscribers, lowering the barrier to entry, it said.

It added that the content offering was strengthened, with long-term rights for the Premier League in South Africa and the Men’s 2027 and Women’s 2029 Rugby World Cups across sub-Saharan Africa.

It added that there were successful content and marketing initiatives, including the World Cup advertising campaign with actor Idris Elba and the launch of the Novelas+ channel in South Africa.

Production also began on the first major South African film, The Road Home, The Heist of Benin, and the screen adaptation of the highly popular Americanah novel.

Financial results

Looking at the financials, the Multichoice Group’s Adjusted EBIT before exceptional items rose 160% to €143 million (R2.7 billion).

Canal+ said this was mainly due to synergies and a Profit and Loss impact of €120 million (R2.2 billion), which includes the impact of discontinuing Showmax.

“In Africa, we have grown our combined subscriber base by 7%, and as part of the Multichoice turnaround plan, we reduced entry costs for new subscribers and expanded our sales network,” said Canal+ CEO Maxime Saada.

The total Canal+ Group revenue increased by 40% to €4,287 million (R81.76 billion), primarily reflecting the consolidation of Multichoice Group revenue.

Adjusted EBIT before exceptional items increased by 68% to €433 million (R8.26 billion), with a 10.1% margin. The increase primarily reflects the consolidation of Multichoice.

However, Canal+ did see its earnings attributable to equity holders of the parent drop from €70 million (R1.35 billion) to €29 million (R553 million).

Its basic earnings per share dropped from €0.07 (R1.34) to €0.03 (R0.57).

Canal+ said it remains on track to meet its 2026 targets, including €250 million (R4.77 billion) of Adjusted EBIT and €220 million (R4.20 billion) of free cash flow.

“Our strong first-half results reflect our strategic progress,” said Saada.

“Revenue increased by 40% and Adjusted EBIT by 68%, reflecting our increased scale following the acquisition of MultiChoice.”

“We continued to generate very strong free cash flow, benefitting from cash optimisation initiatives and seasonality effects.”