French media giant Canal+ has officially listed on the Johannesburg Stock Exchange (JSE), less than six months after completing its acquisition of MultiChoice and removing the South African broadcaster from the exchange.
The secondary inward listing, which became effective this week, makes Canal+ the first French company to be listed on the JSE and the only global media and entertainment group currently trading on the bourse.
While Canal+ maintains its primary listing on the London Stock Exchange, where it debuted in December 2024, the company utilised the JSE’s fast-track secondary listing process to secure its Johannesburg presence. The move provides South African investors with rand-based access to a business that serves more than 40 million subscribers worldwide and generates annual revenues of approximately €9 billion.
MultiChoice, long regarded as one of the JSE’s most prominent listings, was delisted in late 2025 after Canal+ acquired 94.39% of its shares through a mandatory offer. The French broadcaster subsequently exercised its squeeze-out rights, bringing MultiChoice’s tenure as an independently listed company to an end.
Canal+ has maintained a strong footprint in Africa for more than three decades and now serves around 23 million subscribers across more than 40 African countries, in addition to over 18 million customers in Europe. Its expanded portfolio includes DStv, GOtv, M-Net and SuperSport, alongside StudioCanal and Dailymotion.
Chief Executive Officer Maxime Saada described Africa as the group’s primary growth market for the foreseeable future, noting that the dual listing would strengthen ties between European and African capital markets.
JSE Chief Executive Officer Valdene Reddy welcomed the development, describing it as a significant step in the continued internationalisation of African financial markets. The exchange currently hosts 263 listed companies with a combined market capitalisation exceeding US$1.54 trillion (approximately R25.2 trillion).
Despite the milestone, Canal+ begins its JSE journey under close regulatory observation. The Competition Commission is investigating the company’s conduct following the takeover, including its decision to discontinue the Showmax streaming platform and whether it is complying with the public-interest commitments attached to the merger approval.
As Canal+ seeks to deepen its presence across the continent, regulators will be closely monitoring its adherence to the conditions governing the landmark acquisition.
