Canal+ has unveiled a €100 million (approximately R1.9 billion) turnaround plan for Multichoice, the South African media group it acquired in September 2025, as the company grapples with declining subscriber numbers and profitability. The plan, announced alongside the group’s first set of results since taking control, focuses on content investment, streamlined commercial offerings, aggressive sales tactics, and operational restructuring.
The acquisition of Multichoice, valued at over R50 billion, created a 42 million subscriber media giant with revenues of R164 billion and EBITDA exceeding R20 billion, reported in Euro equivalents. However, Canal+’s initial assessment reveals a stark contrast between the performance of its existing operations and the struggling South African business.
Even as the broader Canal+ group reported 0.9% revenue growth and strong cash generation, Multichoice has experienced a downturn following a period of growth from 2010 to 2023. Canal+ attributes this decline to macroeconomic factors, the costly failure of the Showmax streaming platform, and significant cost inflation. Attempts to address these issues with short-term measures, the company stated, inadvertently worsened the subscriber base decline and exacerbated profitability concerns.
Revenue for Multichoice decreased by €142 million (6%) from €2,542 million in 2024 to €2,400 million in 2025, coinciding with a drop in subscribers from 14.9 million to 14.4 million. Canal+ forecasts a further €2.7 billion negative impact in 2026 due to subscriber inertia and continued cost inflation.
The €100 million boost plan is structured around four key pillars. The first prioritizes content, with Canal+ aiming to deliver “the most compelling content” on the African continent through joint productions, in-house channels, and global partnerships. Securing key sports rights remains central to this strategy, alongside continued investment in local African content, with plans to scale international content offerings and share rights across the group.
The second pillar focuses on simplifying Multichoice’s commercial offerings. Currently, the company offers up to 17 packages with varying fees and five different decoder models. Canal+ intends to rationalize these brands and offerings to enable more targeted marketing efforts. Lowering the cost of entry through equipment subsidies is as well planned to expand the distribution network.
The third pillar centers on sales, with Canal+ planning an aggressive acquisition campaign supported by the aforementioned subsidies. This will involve recruiting over 1,000 salespeople “on the ground” across all of Multichoice’s markets to accelerate subscriber growth.
The final pillar addresses operational restructuring. Canal+ will implement best-practice models across Multichoice’s markets, standardizing operations and shifting the focus to a sales-driven approach. This will be supported by the recruitment of new sales personnel and the initiation of a voluntary severance plan for support functions within Multichoice. A restructuring program is also planned for Irdeto, Multichoice’s technology and cybersecurity division.
Canal+ stated that these changes align with commitments made during the acquisition process and its broader ambition to streamline functions while investing in activities that drive growth. The company confirmed that all changes will be implemented in compliance with relevant social procedures.
Canal+ also intends to complete a secondary inward listing on the Johannesburg Stock Exchange (JSE) by the first half of 2026, providing South African investors the opportunity to turn into shareholders in the combined group.
