As group lists, Saada is 'absolutely and totally confident' it will turn around ailing MultiChoice.
The decision about the Winter Olympics was made by MultiChoice – and ‘it was a good decision because nobody was watching’. Picture: X/JSE_Group
Following the listing of Canal+ on the JSE on Wednesday – the first French company to do so and the first on the Main Board so far this year – CEO Maxime Saada says it is “absolutely and totally confident in our ability to turn around this company”, referring to MultiChoice, which it acquired in September 2025.
He adds that the executive team believes it is “at the stage a few months after closing the [Showmax] operation where we have a very strong understanding of the situation and of the levers required to turn around this company”.
Canal+ focus on MultiChoice
A number of these have already been launched by David Mignot, the CEO of Canal+ Africa.
These span three pillars:
- A relentless focus on content;
- The simplification of the packaging of its product across markets; and
- An increased focus on acquiring new customers.
It has followed this playbook in every single market it operates in, not least of which is France.
Saada points to the management team’s track record in the last 18 months since being independently listed on the London Stock Exchange.
“We tackled a number of topics that have been issues for a long time: the tax [Vat] issues that we faced [in France], we solved in less than a year, the turnaround of Europe … and we have significantly improved our cash generation”.
Canal+ now profitable
Its French operation had been “losing money for many, many years – it was not profitable”.
This has been turned around, and it is now cash generative.
“We have achieved all of our targets, quarter after quarter, so we have a good history” – albeit a short one, he readily admits – “of delivering on what we commit to,” says Saada.
“Now, the big topic is around MultiChoice and its turnaround.”
As part of the focus on content, Canal+ announced “the first big deals that we are signing here in South Africa to make sure that we have the best content in every category”.
Rugby, soccer
It confirmed that it has secured the broadcast rights for the Rugby World Cups in 2027 (Men’s) and 2029 (Women’s) for SuperSport across Sub-Saharan Africa.
It also confirmed that SuperSport will remain the exclusive broadcaster for the United Rugby Championship (URC), after a multi-year broadcast rights renewal of the inter-continental club competition.
In addition, it has extended its partnership with the PSL to broadcast the popular competition live across the continent.
Saada says the decision to not air coverage of the Winter Olympics earlier this year was one made by MultiChoice in 2024.
Viewership around Winter Olympics
He also chirped that he wanted to put it on record that “it was a good decision because nobody was watching”. Moneyweb understands that viewership of this event generally peaked in the thousands.
The jury (and renewal) remains out on Super Rugby Pacific, which barely fares much better.
A few months ago, it announced that all 104 games of the Fifa World Cup would be available on the base-level DStv Access package, which costs R99 a month. “It’s the first time [that] 100% of the World Cup will be available to 100% of the subscribers of the [MultiChoice] group,” said Mignot.
Investor interest
CFO Amandine Ferré says the group “actually started meeting with South African investors long ago when it started acquiring MultiChoice”.
“Some of them were already investors in MultiChoice, so they know the media business very well. These were the first people we met and actually when we discussed with them, they told us how important it was to be listed in the JSE.
“This was one of the reasons why we were so eager to list at the JSE quite quickly after the acquisition.”
That Canal+ achieved a secondary listing within just more than six months of the delisting of MultiChoice is practically unheard of.
“Over the last months we’ve been meeting with a lot of local investors. Some were already investors in MultiChoice. Some were [potential] new ones but were interested in what we can offer to the market.
“It’s not an easy story, you know,” admits Ferré.
Challenges at MultiChoice
She says the troubles MultiChoice has been in have been “widely known” for the past few years.
“It might take a little bit of time because people need some time to know us and see that we are doing what we are saying that we do, but the [investor] interest is there, and we’ve had a very good reception.”
Prior to delisting, the Public Investment Corporation owned 11.76% of MultiChoice, with M&G Investments holding 8.23% and Allan Gray 6.97%.
This article was republished from Moneyweb. Read the original here.
