French billionaire Vincent Bolloré’s family-backed Canal+ reports $7.2 billion revenue after $2 billion MultiChoice takeover, but African unit still shrinks

French billionaire Vincent Bolloré’s family-backed Canal+ has reported $7.2 billion (€6.41 billion) in revenue for the first nine months of 2026, as its takeover of South Africa’s MultiChoice transformed the scale of its African business.

• Canal+ reported revenue of $7.2 billion for the first nine months of 2026, largely reflecting the addition of MultiChoice.
• Revenue from Africa and Asia more than tripled to $2.9 billion after the $2 billion takeover.
• MultiChoice’s underlying revenue still fell 3%, driven by weaker subscription income in South Africa.
• Canal+ says the decline is easing as it introduces new packages and strengthens its African sports offering.

Group revenue increased 37.5% from the corresponding period of 2025, while revenue from Africa and Asia more than tripled to $2.9 billion (€2.60 billion).

The sharp reported growth, however, was largely caused by Canal+ adding MultiChoice’s results to its accounts following the $2 billion acquisition completed in September 2025.

After adjusting for acquisitions, disposals and currency movements, Canal+’s overall revenue fell 0.3%. MultiChoice’s underlying revenue declined 3%, showing that the African pay-television company remains the main weak point in the enlarged group.

MultiChoice generated approximately $2.02 billion (€1.81 billion) in revenue during the nine months, compared with the $5.2 billion (€4.65 billion) generated by Canal+’s operations outside the African company.

According to Canal+’s trading update published on 22 October⁠, the decline at MultiChoice was driven principally by lower subscription revenue in South Africa, although growth in most of its other English-speaking African markets softened the impact.

The figures offer the clearest evidence yet of the challenge facing Canal+ after it spent about $2 billion to take full control of the Johannesburg-based owner of DStv and GOtv.

The transaction gave the French company immediate access to millions of customers across English- and Portuguese-speaking Africa, complementing its established strength in francophone markets.

It also turned Africa into a much larger part of Canal+’s business. Africa and Asia now account for about 41% of group revenue before internal eliminations, compared with about 18% on the reported figures for the corresponding period of 2025.

MultiChoice’s decline begins to slow

There were signs that the pressure on MultiChoice moderated during the third quarter.

Its like-for-like revenue fell 2% during the three months to September, improving from a 3.4% decline during the first half of the year. Canal+ attributed part of the improvement to a more favourable sporting calendar.

MultiChoice’s reported revenue increased 0.4%, but Canal+ said this was helped by favourable currency movements rather than stronger underlying trading.

The contrast was particularly visible across the continent. While MultiChoice continued to lose subscription revenue in South Africa, Canal+ recorded 10.2% like-for-like growth from its other African and Asian operations.

Its francophone African businesses benefited from subscriber growth and more efficient distribution, while Canal+ Telecom Africa recorded double-digit revenue growth as it expanded its fibre-to-the-home network.

Canal+ chief executive Maxime Saada said the group was making progress with its plan to revive MultiChoice.

“We are making good progress with the MultiChoice turnaround plan. In September, a new, simplified value proposition was launched in South Africa, providing subscribers with more content, greater choice, and better value for the same price,” he said.

Canal+ plans to introduce the revised packages in other English- and Portuguese-speaking African markets over the coming months.

The group is also placing live sport at the centre of its effort to retain subscribers. It has acquired exclusive rights to UEFA men’s club competitions in more than 40 African countries for the 2027–2031 cycle, alongside rights to the 2027 Africa Cup of Nations and its qualifying matches.

The strategy is intended to strengthen the combined appeal of Canal+, DStv, GOtv and SuperSport as African households face rising living costs and greater competition from global streaming platforms.

Bolloré’s larger African media bet

The MultiChoice acquisition represents one of the biggest African investments connected to the Bolloré media empire.

Vincent Bolloré formally retired from the family business in 2022 but remains an influential figure across its media holdings. His son, Yannick Bolloré, chairs Canal+’s supervisory board, while the Bolloré family retains an approximately 30% interest in the company.

Forbes estimates place Vincent Bolloré and his family’s fortune at about $9.8 billion.

The French group now operates in more than 70 countries, has more than 40 million subscribers and employs approximately 15,000 people. Its businesses include MultiChoice, film studio StudioCanal, video platform Dailymotion and telecommunications operations in Africa.

Canal+ maintained its 2026 financial guidance despite MultiChoice’s continuing decline. The group expects adjusted operating profit of approximately $823 million (€735 million) and cash flow from operations of more than $672 million (€600 million).

It is also targeting approximately $280 million (€250 million) in operating-profit synergies and $246 million (€220 million) in free-cash-flow benefits from integrating MultiChoice.