French media giant Canal+, backed by billionaire Vincent Bolloré’s family, has reported revenue of $7.2 billion (€6.41 billion), approximately N9.6 trillion, for the first nine months of 2026, following its acquisition of MultiChoice, the parent company of DStv and GOtv.
The company recorded a 37.5% increase in revenue compared with the corresponding period of 2025, while earnings from its Africa and Asia operations more than tripled to $2.9 billion (€2.60 billion).
However, the impressive figures masked continuing challenges at MultiChoice, where declining subscription revenue remains a concern. The growth largely reflected the inclusion of MultiChoice’s financial results following Canal+’s $2 billion takeover, completed in September 2025.
Underlying Revenue Declines Despite Growth
After adjusting for acquisitions and currency fluctuations, Canal+ recorded a 0.3% decline in underlying revenue, while MultiChoice’s revenue fell 3%.
According to Canal+’s October 22 trading update, MultiChoice generated approximately $2.02 billion (€1.81 billion) during the nine months. The remaining Canal+ operations contributed approximately $5.2 billion (€4.65 billion).
The company attributed MultiChoice’s weaker performance primarily to declining subscription revenue in South Africa, although growth across other African markets helped cushion the impact.
Signs of Recovery in Third Quarter
Nevertheless, signs of recovery emerged during the third quarter. MultiChoice’s underlying revenue declined 2% between July and September, compared with a 3.4% contraction during the first six months.
Canal+ attributed the improvement partly to a more favourable sporting calendar.
Amid the financial pressures, Canal+ is introducing revised subscription packages designed to attract customers and improve affordability. The company launched a simplified subscription offering in South Africa in September, promising subscribers more entertainment options and improved value without increasing prices under the revised offering.
Canal+ Plans Revised Packages and Sports Rights
Canal+ chief executive Maxime Saada said the company was making progress in repositioning MultiChoice. “We are making good progress with the MultiChoice turnaround plan,” Saada said. He explained that the revised offering provides subscribers with more content, greater choice and better value at the same price.
The company plans to extend the revised packages to other English-speaking and Portuguese-speaking African markets over the coming months. For Nigerian DStv and GOtv subscribers, the development signals potential changes to subscription packages, although Canal+ has not announced a blanket price reduction. The trading update also did not establish a new decoder price for Nigerian customers.
Canal+ is strengthening its sports programming to retain existing subscribers and attract new customers. The company has secured exclusive broadcasting rights to UEFA men's club competitions across more than 40 African countries for the 2027–2031 cycle. It also acquired rights to the 2027 Africa Cup of Nations and qualifying matches.
Financial Outlook and Synergy Targets
Despite MultiChoice’s challenges, Canal+ maintained its 2026 financial outlook. The company expects adjusted operating profit of approximately $823 million (€735 million) and operating cash flow exceeding $672 million (€600 million). It is also targeting $280 million (€250 million) in operating-profit synergies from integrating MultiChoice.
With more than 40 million subscribers across over 70 countries, Canal+ is betting that improved programming, simplified packages and operational efficiencies will restore growth across its enlarged African television business. For millions of Nigerian subscribers, the immediate concern remains whether the restructuring will eventually translate into more affordable DStv and GOtv subscriptions, Business Insider reports.
MultiChoice Nigeria, now owned by French broadcasting giant Canal+, has announced October 27, 2026, as the date to unveil its restructured DStv and GOtv subscription packages, raising expectations of possible changes to subscription prices and channel offerings. The announcement comes as millions of Nigerian subscribers grapple with rising living costs and increasing competition from streaming platforms such as Netflix, Amazon Prime Video and YouTube.
