StudioCanal owner confirms plan to list in Johannesburg as MultiChoice included in results for first time
Canal+ revenues rose 41% in Q1 following its acquisition of African pay-TV giant MultiChoice Group, with production unit StudioCanal reporting a 9% uptick.
The London-listed company’s revenues stood at €2.17bn (£1.88bn) for the first three months of 2026. Without MultiChoice, group revenue was largely flat at €1.57bn, up 1.8% on €1.54bn last year.
It marked a “solid start” to 2026 for the French group, according to chief exec Maxime Saada, following a challenging 2025 that saw shares plunge almost 20% following its annual results, as the market reacted to its acquisition of MultiChoice.
Canal+, which also owns stakes in Nordic streamer Viaplay and Asia-focused Viu, said European Q1 2026 revenues were down 1.6% at €1.13bn, with the closure of its C8 channel in France and the end of its distribution deal with DAZN in France impacting results.
MultiChoice pushed Canal+ revenues from Africa and Asia up 243% to €889m, but the Johannesburg-based division’s revenues fell by 1.2%, partly as a result of lower content sales.
Canal+ said the integration of the group was “progressing well”, with the closure of streamer Showmax later this month helping to stem ongoing losses. The group said last year it would become the first pay TV operator in Africa to distribute Netflix across the continent, while a deal to carry HBO Max was agreed at the start of 2026.
StudioCanal revenues, included within the content production, distribution and other category, rose from €158m in 2025 to €172m in Q1 driven by shows including Guru and Children of the Resistance in France, Extrawurst in Germany, and The Housemaid in Australia and New Zealand. Sales of library content were up, the company added.
Canal+ projected flat 2026 revenues and said adjusted earnings before interest and tax (EBIT) would be €735m, with its planned €250m synergies target set to be hit this year. The group also confirmed its plan to list on the Johannesburg Stock Exchange on 3 June.
Saada added that the secondary listing on the Johannesburg Stock Exchange – the first French company to do so – marked “an important milestone” for the group.
Shares at the French company, which launched onto the London Stock Exchange a year ago following a split from Vivendi, were up 2% to 234.80p.
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