Canal+, the French media powerhouse, is taking its African expansion a step further by planning a secondary listing on the Johannesburg Stock Exchange (JSE) following its takeover of MultiChoice. This move comes just months after the French company secured regulatory approval for the acquisition, which had drawn attention for its potential to reshape the continent’s broadcasting landscape.
The listing, expected to take place within nine months, is intended to maintain local investor participation after MultiChoice’s delisting from the JSE. By doing so, Canal+ aims to reassure South African stakeholders that the merger will not sideline domestic ownership. Moreover, the company will keep its primary listing in London while opening the door for South African investors to buy into its growing African operations.
The acquisition unites two major broadcasting forces – Canal+ with its extensive European and Francophone presence, and MultiChoice with its dominance across sub-Saharan Africa. Together, they reach more than forty million subscribers in nearly seventy countries. Regulators have attached specific conditions to the deal, including commitments to support historically disadvantaged persons and local media enterprises, ensuring that transformation goals remain a priority.
Meanwhile, analysts believe this listing could boost the JSE’s appeal, which has struggled to attract new large-scale entrants in recent years. It also signals Canal+’s confidence in Africa’s media market, where competition from streaming platforms and mobile content providers continues to intensify.
Canal+ has indicated that the listing process will include extensive consultations with the Financial Sector Conduct Authority and the Takeover Regulation Panel to ensure full compliance. The company’s leadership described the move as both a strategic and symbolic step – anchoring its African ambitions firmly in the region where its future growth is most promising.
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