Canal+ reports nearly flat quarterly revenue after MultiChoice deal
The MultiChoice acquisition helped lift nine-month revenue by 37.5%. Canal+ says it remains on track for its full-year outlook and €250 million synergy target.
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The MultiChoice acquisition helped lift nine-month revenue by 37.5%. Canal+ says it remains on track for its full-year outlook and €250 million synergy target.
Canal+ reported nearly flat third-quarter 2026 revenue when its MultiChoice acquisition is taken into account, according to Deadline’s 22 October report. The Hollywood Reporter reported quarterly revenue growth of 1.9% and supplied figures showing how much the acquisition contributed to the group’s nine-month growth.
The French television group’s purchase of African pay-TV group MultiChoice enlarged its business. Excluding MultiChoice, revenue rose 1.3% over the first nine months, compared with reported group growth of 37.5%, according to The Hollywood Reporter.
The Hollywood Reporter put nine-month revenue at €6.41 billion, compared with the €6.3 billion reported by Deadline. Both reported an increase of 37.5%, driven by MultiChoice. The Hollywood Reporter put revenue excluding MultiChoice at €4.65 billion.
| Period and scope | Deadline | The Hollywood Reporter |
|---|---|---|
| Third quarter of 2026 | Just over €2 billion; virtually unchanged when the MultiChoice acquisition is taken into account | €2.13 billion; up 1.9% |
| First nine months of 2026 | €6.3 billion; up 37.5% |
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| €6.41 billion; up 37.5% |
| First nine months, excluding MultiChoice | — | €4.65 billion; up 1.3% |
France’s government has proposed raising value-added tax, or VAT, on television subscriptions from 10% to 20% as part of its 2027 budget. The proposal covers Canal+’s activities in mainland France and overseas. Canal+ said its opposition had made progress, with support from cinema organisations and sports federations and leagues, but the outcome remained uncertain.
If the proposal becomes law, Canal+ intends to raise subscription prices and make significant cost reductions to offset the financial impact. Management expects those conditional measures to have their full effect in 2028; they are not price changes already in force.
Management said Canal+ remained on track to meet its full-year guidance and its €250 million target for synergies—the financial benefits expected from combining the businesses. The group also said its medium-term guidance remained unchanged.
The group has pursued substantial cost reductions in Africa since buying MultiChoice. Streaming service Showmax was discontinued in 2026, Deadline reported.
Canal+ said it launched a simpler MultiChoice offering in South Africa in September, giving subscribers more content and choice for the same price. The company plans to continue rolling out the new offers across English- and Portuguese-speaking Africa over the coming months.
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