CANAL+ Projects €400M Synergies Following MultiChoice Acquisition

CANAL+ SA  has outlined its expected cost synergies following the acquisition of MultiChoice Group (MCG), projecting over €400 million in annual EBITA and more than €300 million in Free Cash Flow (FCF) run-rate savings by 2030. After gaining effective control of MultiChoice in September 2025, CANAL+ has initiated a comprehensive integration process to capitalize on its expanded global scale. The synergy ramp-up is planned in phases, with 2026 expected to deliver over €150 million in both EBITA and FCF savings at an implementation cost of approximately €35 million. By 2028, EBITA synergies are forecast to exceed €300 million and FCF over €250 million, with costs around €40 million, reaching the full run-rate targets by 2030 with lower implementation costs of €20 million.

CANAL+ CEO Maxime Saada highlighted that beyond cost efficiencies, the most significant opportunity lies in Africa, where the group aims to grow its subscriber base from 40 million to between 50 and 100 million. A unified management team led by David Mignot, CEO of CANAL+ Africa, and Calvo Mawela, Chairman of CANAL+ Africa, will oversee operations across the continent. Key strategic initiatives include rationalizing content, renegotiating sports and entertainment rights, optimizing technology infrastructure, refinancing MultiChoice’s long-term debt, and reducing hardware costs. Saada emphasized that the acquisition positions CANAL+ as a unique global entertainment platform anchored in both Europe and Africa. A further strategic update will be provided alongside the company’s Full Year 2025 results on 11 March 2026.