Africa: Canal+ targets synergies in Africa after acquisition of Multichoice
Canal+ highlighted the first benefits of its acquisition of MultiChoice, citing Africa as a key source of cost savings and growth.
The deal was completed on 22 September 2025. Speaking to investors on 29 January, Maxime Saada, Chairman of Canal+, said the group expects more than €400 million of EBITDA synergies and around €300 million of cash flow by 2030. The savings will come from cost cuts, contract renegotiations and a more aggressive commercial strategy.
The combined group operates in 70 countries and generated revenues of €6.45 billion in 2024. Africa will play a central role, Canal+ said, citing a decline in pay-TV penetration of around 32% and strong population growth.
David Minot, president of Canal+ Africa, said the group will drive an aggressive sales strategy across the continent. Content suppliers to MultiChoice have been told that contracts will not be renewed and must be renegotiated. This applies to international studios and local producers.
Keep up with the latest headlines on WhatsApp | LinkedIn
The group said it will maintain its presence in 40 African countries but has no short-term plans to return to the Maghreb region. Money-losing streaming platform Showmax will be closely monitored but will not be scaled back for now.
Key takeaways
The strategy shows how Africa has become Canal+’s primary growth engine. The continent has a population of more than 1.2 billion people, and is expected to reach another 800 million by 2050. The electrification rate is close to 52%, making room for the growth of pay TV and live broadcasting as infrastructure improves. Canal+ is betting that range will protect margins. With about 32,000 points of sale, 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 increase. Local producers fear fees will fall as the group consolidates its purchasing power, even as Canal+ commits to African programming. Showmax remains dangerous. The platform lost around €370 million over three years, but weak competition from global broadcasters gave Canal+ time. Limited broadband access and low card usage continue to slow down Netflix and rivals, allowing the group to focus on distribution and cost control rather than rapid expansion into streaming.
