Key Takeaways
- Canal+ began trading on the JSE on Wednesday as a secondary listing
- The listing was a regulatory condition attached to its MultiChoice acquisition
- It is now the only global media and entertainment company on the exchange
French pay-TV group Canal+ began trading on the Johannesburg Stock Exchange on Wednesday, becoming the first French company ever to list on South Africa’s bourse.
Its CEO, Maxime Saada, rang in the company’s market debut by blowing into a Kudu horn before spectators at the exchange in Johannesburg. Canal+, which has a primary listing in London, climbed to 58.50 rand at market open and held a market capitalisation of £2.25 billion ($51 billion rand) on the day prior to its pre-listing announcement on May 12.
The JSE has lost a string of major listings in recent years, making the arrival of a company of this scale a notable moment for the exchange.
The secondary inward listing, approved by both the JSE and the Financial Surveillance Department of the South African Reserve Bank through a fast-track process, fulfils a commitment Canal+ made to South Africa’s competition authorities during its acquisition of MultiChoice, which it completed on December 5, 2025.
Saada said the listing was about more than capital markets.
“We are proud to become the first French company ever to list in Johannesburg and the only global media and entertainment company listed on the exchange,” he said.
A listing born from a regulatory condition
The acquisition of MultiChoice came with strict conditions from South Africa’s competition watchdog to ensure a significant positive impact on the local economy, and a secondary JSE listing was among those conditions.
Canal+ completed the MultiChoice takeover in late 2025 after a prolonged mandatory buyout process, and MultiChoice was delisted from the JSE five days after the deal closed.
The secondary listing restores a major African media presence to the exchange and gives South African investors direct, rand-denominated access to Canal+ shares.
Canal+ operates in more than 70 countries and serves over 40 million subscribers worldwide, with more than 23 million of those subscribers across over 40 African countries, where the company has operated for more than three decades.
Where the business currently stands financially
The listing arrives at a complicated moment for Canal+’s African operations. MultiChoice revenue fell 6% in the first quarter of 2026, and the subscriber base continued to decline in line with what the company said were its own expectations.
Canal+ said the first commercial initiatives of its MultiChoice turnaround plan have been launched, including new sales team recruitment and a strengthened commercial structure.
Total group revenue surged 41% to €2.169 billion ($2.36 billion) in the first quarter of 2026 compared to the prior year’s restated figures, though on a combined basis that treats MultiChoice as if it had been part of the group since January 2025, revenue was broadly flat.
The company is targeting flat revenue for the full year 2026 and adjusted earnings before interest and tax of €735 million ($799 million), with €250 million ($272 million) in accelerated cost savings from the integration.
What the listing means for the JSE
Moroever, the JSE Group CEO, Valdene Reddy, said the listing highlights the growing internationalisation of African capital markets and reinforces the JSE’s position as a gateway for global investors seeking opportunities on the continent.
Also, JSE chairman Phuthuma Nhleko added that the listing reflects strong global confidence in South Africa’s capital markets.
Following the Canal+ listing, the JSE now hosts 263 listed companies with a combined market capitalisation of more than R25.2 trillion ($1.38 trillion).
Canal+ said Standard Bank advised on the local listing process, providing regulatory insight and market execution support.
