Business
Canal+’s plan to make DStv more profitable in South Africa
When Canal+ officially took control of MultiChoice in September 2025, many South African viewers wondered what it would mean for DStv. Higher prices. Fewer channels. Or maybe a smarter, more modern pay TV offering. Now, the French media giant has started to show its hand, and the plan is clear. Make DStv leaner, bigger, and more profitable by 2030.
At the heart of Canal+’s strategy is scale. By absorbing MultiChoice, Canal+ has grown its global subscriber base to around 40 million across Europe and Africa. More than 14 million of those come from MultiChoice alone. According to Canal+ CEO Maxime Saada, that scale unlocks serious financial muscle.
Big savings, bigger targets
Canal+ says it is targeting earnings before interest, tax, and amortisation cost synergies of €400 million by 2030. That is about R7.5 billion. On top of that, it wants to unlock €300 million in free cash flow synergies, or roughly R5.6 billion.
The timeline is aggressive. By 2026, the group expects to exceed €150 million in combined EBITA and free cash flow synergies. By 2028, those figures are set to climb to €300 million and €250 million respectively.
Saada has made it clear that this is not just about trimming fat. He believes the combined group is well-positioned to grow faster in Africa than MultiChoice could on its own.
Why Africa matters so much
Africa is where Canal+ sees its biggest upside. The company points to its own track record on the continent, where its African subscriber base grew from around 400,000 in 2010 to about 9 million by 2025. MultiChoice followed a similar path, growing from 3.9 million subscribers in 2010 to 14.1 million in 2025.
That growth stalled after peaking at roughly 23.5 million subscribers in the 2023 financial year. Cord-cutting, rising costs, and fierce competition from global streaming platforms all played a role. Canal+ believes it is uniquely placed to help MultiChoice return to its earlier growth trajectory.
According to the group, a comprehensive action plan is already being rolled out across MultiChoice markets to push subscriber growth again. More detail is expected at Canal+’s Strategic Update on 29 January 2026.
Where the cuts will happen
Much of the immediate financial gain comes from cost synergies. Canal+ has outlined several areas where it plans to streamline operations.
Content is a major focus. This includes rationalising internal productions and strengthening negotiations with sports and entertainment rights holders. In simple terms, fewer duplicated shows and tougher bargaining for expensive content.
Technology and operational costs are another big lever. Canal+ plans to renegotiate hardware prices, optimise broadcast infrastructure, and converge technology platforms across the group. Marketing and branding will also be tightened, alongside efforts to reduce financing and structural support costs.
Some of this is already paying off. Since taking control of MultiChoice, Canal+ says it has secured more than €80 million in free cash flow synergies for 2026 alone. These gains come from new content partnerships, better hardware deals, tech and broadcast optimisation, and refinancing MultiChoice’s long-term debt.
What this could mean for DStv viewers
For South African households, the announcement has sparked mixed reactions online. Some subscribers hope that smarter cost management could slow future price hikes or improve value. Others worry that cost-cutting could lead to fewer channels or less local content.
What is clear is that Canal+ is betting on Africa as a growth engine, not a side project. If the strategy works, DStv could become a more efficient platform with stronger regional content and better buying power. If it fails, viewers may feel the pressure through pricing or reduced choice.
For now, all eyes are on the end of January 2026, when Canal+ is expected to reveal more details about how its grand plan will reshape MultiChoice and DStv across the continent.
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Source: MyBroadband
Featured Image: MyBroadband
