CANAL+ becomes first French company to list in Johannesburg

By Nqobile Dludla

JOHANNESBURG, June 3 (Reuters) - Pay-TV group CANAL+ is confident it can turn around struggling South African broadcaster MultiChoice, its CEO said on Wednesday, as it became the first French company to list on the Johannesburg Stock Exchange.

CANAL+, which retains its primary listing in London, had committed to a South African listing when it acquired MultiChoice in 2025, providing a boost to the Johannesburg exchange, which has suffered from a series of departures and a dearth of high-profile joiners in recent years.

The stock remained near its debut price of 58.50 rand ($3.59) throughout the day.

The French company's push into English-speaking Africa is part of a strategy to become a global entertainment platform across Europe, Africa and Asia.

Following its acquisition of MultiChoice, CANAL+ revealed ⁠the scale of challenges at the South African unit, which is bleeding subscribers, and unveiled a €100-million ($116-million) plan to revive the business.

"We are absolutely and totally confident in our ability to turn around this company," Chief Executive Maxime Saada told journalists after the listing.

As part of its strategy, CANAL+ is expanding partnerships with global streaming players, including a rollout of Netflix in French-speaking Africa. And it is exploring further tie-ups for its planned "super app", which will bring multiple streaming services, including MultiChoice's DStv, onto one platform, Saada said.

Interest from major media groups has been strong, with executives from Apple and Warner Bros Discovery making early contact after the MultiChoice acquisition was announced, he added.

The group also unveiled new premium sports rights deals in soccer and rugby on Wednesday aimed at attracting and retaining higher-value subscribers.

ATTRACTING AFRICAN INVESTORS

The group's secondary listing in Johannesburg is intended to better align its capital base, government ties and creative investments with African stakeholders, Saada told those gathered as the JSE debut was marked by a ceremonial kudu horn blast.

"Our hope is for this listing to enhance the liquidity of our shares, to broaden our shareholder base and to support our growth ambitions. But more than that, we believe that we can create value in Africa," he said.

CANAL+ is the only global media and entertainment group on the exchange. 

JSE chairman Phuthuma Nhleko said the listing reflects strong global confidence in South Africa's capital markets, reinforcing the bourse's role in linking international capital with African growth opportunities.

($1 = 16.2892 rand)

($1 = 0.8618 euros)

(Reporting by Nqobile Dludla, additional reporting by Lulah Dube; Editing by Barbara Lewis and Joe Bavier)