CANAL+ Targets Over €400m Annual Cost Synergies from MultiChoice Acquisition

CANAL+ SA has announced significant cost and growth synergies expected from its acquisition of MultiChoice Group (MCG), positioning the combined entity as a global media and entertainment leader anchored in Europe and Africa.

Speaking on the transaction, CANAL+ Chief Executive Officer, Maxime Saada, described the acquisition as transformational, creating “a unique global entertainment platform” with the scale to unlock substantial efficiencies and long-term growth. According to Saada, the Group expects to deliver more than €400 million in EBITA and over €300 million in free cash flow (FCF) run-rate cost synergies from 2030, with early benefits already emerging.

“Our increased scale will enable us to generate substantial synergies, particularly across our cost base,” Saada said, adding that beyond efficiencies, the growth opportunity in Africa remains the most compelling aspect of the deal.

Strong African Growth Focus

With the integration of MultiChoice, CANAL+ now oversees all African markets under the leadership of David Mignot, combining management teams with proven track records of organic growth across the continent. The Group believes it is well positioned to capitalise on Africa’s long-term structural growth drivers, including rapid population growth, forecast GDP expansion of 4.5 per cent annually over the next five years, rising electrification and increasing Pay-TV penetration.

Over the past decade, CANAL+ Africa’s subscriber base has grown from 0.4 million to 9 million, while MultiChoice expanded from 3.9 million to 14.1 million subscribers between 2010 and 2025. The combined Group aims to restore MultiChoice markets to pre-2023 growth levels through a comprehensive short- and medium-term action plan, with further details to be unveiled at CANAL+’s upcoming Strategic Update.

Global Scale, Significant Synergies

The acquisition brings CANAL+’s total subscriber base to over 40 million, making it the market leader in approximately 40 countries across Europe and Africa. The Group has outlined ambitious long-term goals to reach 50–100 million subscribers while optimising costs at a global level.

Based on an estimated combined 2025 cost base of around €8 billion, CANAL+ expects cost synergies to ramp up quickly. In 2026 alone, the Group projects more than €150 million in EBITA and FCF synergies, with over €80 million of FCF already secured. EBITA synergies are expected to exceed €300 million by 2028 before reaching full run-rate levels beyond €400 million from 2030.

The synergies will be driven primarily by content optimisation, including rationalisation of internal content and improved negotiations with sports and entertainment rights holders, as well as technology and operational efficiencies. These include hardware cost renegotiations, broadcast and technology infrastructure optimisation, procurement scale benefits, brand and marketing rationalisation, and reduced structural and financing costs.

Integration and Governance

Following completion of the acquisition, CANAL+ immediately launched the integration process, establishing a unified and diverse management team and aligning structures and processes across the Group. Key functions such as content acquisition, technology and procurement have been centralised to maximise scale benefits.

To ensure effective execution, CANAL+ has also put in place a robust governance framework, including a dedicated strategy and tracking office and an integration and transformation office. Incentive schemes for senior management have been aligned with synergy delivery targets to reinforce accountability.

With its expanded footprint, diversified content portfolio, strong distribution network and best-in-class CANAL+ app already deployed in nearly 30 African countries, the Group says it is well positioned to unlock both efficiency gains and sustained growth across its global entertainment platform.