Canal+’s shares plummeted dramatically on Wednesday, March 11, 2026, as the French media conglomerate warned that its African subsidiary, MultiChoice, is losing customers and may face income declines, hurting investor morale.
The company’s London-listed shares fell around 17% in early trading, the largest single-day slump since the group’s debut on the exchange some 15 months ago.
Canal+, which completed its acquisition of MultiChoice in 2025, is promoting itself as a worldwide entertainment platform that spans Europe, Africa and Asia. The acquisition was critical to its objective of increasing its presence in English-speaking African markets.
The most recent numbers, however, indicate that the pay television operator is under pressure. MultiChoice’s subscriber base fell from 14.9 million to 14.4 million by 2025, indicating increased competition and economic challenges in various African nations.
AlphaValue analysts stated that the early stages of integration and the group’s African development strategy were “unlikely to excite investors.”
Canal+ has announced a €100 million turnaround initiative, equivalent to approximately $116 million, targeted at boosting sales and distribution across the continent. The strategy calls for the appointment of more than 1,000 sales professionals in 16 African countries.
Chief Executive Maxime Saada stated that the reform will convert the company from a “central heavy organization to boots-on-the-ground,” recognizing that implementing the changes across many markets would be difficult.
The group is also pursuing cost reductions from the acquisition, increasing its targeted synergies by 2026 to €250 million (approximately $290 million) from an earlier estimate of €150 million. The proposal includes shutting down the loss-making streaming business. After recognizing that it had little possibility of revival, Showmax reached a decision with the platform’s board of directors and partners.
Despite the market reaction, Canal+ reported 2025 earnings before interest, tax, depreciation, and amortization of €527 million, or $611 million, exceeding its guidance. The united group generated €8.665 billion in revenue, or approximately $10.05 billion.
Canal+ projects moderate revenue growth in 2026, with adjusted operating profit rising to around €565 million, or $655 million. The company also intends to conduct a secondary listing to demonstrate its long-term commitment to African media markets.