CANAL+ began trading on the Johannesburg Stock Exchange on Wednesday, marking the first time a French company has been listed on the South African bourse. The move followed the broadcaster's 2025 acquisition of MultiChoice, and the group said it had previously committed to a local listing as part of that deal.
Although CANAL+ maintains its primary listing in London, the Johannesburg quotation is designed to broaden the company’s presence across English-speaking Africa. Company leadership expressed confidence in rejuvenating MultiChoice, which the group acknowledged has been facing subscriber losses since the takeover.
The stock, quoted as JSE:CNPJ, traded close to its initial listing price of 58.50 rand ($3.59) through the trading day, with market activity keeping the share near that debut level.
Strategic positioning and market context
CANAL+ described the Johannesburg listing as part of a wider strategy to assemble an international entertainment platform spanning Europe, Africa and Asia. The local listing also arrives at a time when the Johannesburg Stock Exchange has seen a string of departures and relatively few headline new listings in recent years, a dynamic the CANAL+ listing helps to counter.
Turnaround plans for MultiChoice
After finalising the MultiChoice acquisition, CANAL+ disclosed the extent of the South African unit’s challenges, noting ongoing subscriber declines. To address that, the parent company announced a targeted €100-million ($116-million) program intended to stabilise and revive the business.
Market reaction and implications
On its first day of trading in Johannesburg the new share listing remained anchored to the debut price, indicating a measured market response as investors absorbed the news of the listing and the committed investment in MultiChoice. The listing could provide a modest boost to the JSE by adding a major international media group to its roster of stocks.
The longer-term impact on CANAL+ and MultiChoice will depend on execution of the stated €100-million recovery plan and whether subscriber attrition can be halted.