Canal+ outlined the first benefits of its acquisition of MultiChoice, pointing to Africa as the main source of cost savings and growth.
The deal was completed on Sept. 22, 2025. Speaking to investors on Jan. 29, Canal+ Chairman Maxime Saada said the group expects more than €400 million of EBITDA synergies and about €300 million of cash flow by 2030. The savings will come from cost cuts, contract renegotiations and a tighter commercial strategy.
The combined group operates in 70 countries and reported €6.45 billion in revenue in 2024. Canal+ said Africa will play a central role, citing low pay-TV penetration of about 32% and strong population growth.
Canal+ Africa head David Mignot said the group will push an aggressive sales strategy across the continent. Content suppliers to MultiChoice have been told contracts will not be renewed and must be renegotiated. This applies to global studios and local producers.
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The group said it will maintain its footprint in 40 African countries but has no short-term plans to return to the Maghreb. Loss-making streaming platform Showmax will be closely monitored but not cut back for now.
Key Takeaways
The strategy shows how Africa has become the core growth engine for Canal+. The continent has more than 1.2 billion people, with another 800 million expected by 2050. Electrification stands near 52%, leaving room for pay-TV and streaming growth as infrastructure improves. Canal+ is betting that scale will protect margins. With about 32,000 sales points, it has an advantage in markets where payments rely on cash, mobile money or local banking rather than cards. Pressure on content costs is likely to intensify. Local producers fear lower fees as the group consolidates its buying power, even as Canal+ commits to African programming. Showmax remains a risk. The platform lost about €370 million over three years, but weak competition from global streamers gives Canal+ time. Limited broadband access and low card usage continue to slow Netflix and rivals, allowing the group to focus on distribution and cost control rather than rapid streaming expansion.