DStv Shows Signs of Life Under Canal+ Ownership

MultiChoice, Africa’s largest pay-TV operator now under Canal+ Group, is displaying early signs of a turnaround after years of subscriber losses and competitive pressure.

Canal+, which acquired MultiChoice in September 2025, reported significant improvements in its latest half-year results. South Africa saw its strongest month for new subscribers in over a decade during June 2026, with overall subscriber acquisitions across MultiChoice markets up 40% year-over-year.

The company’s adjusted operating profit surged by 160% to €143 million ($162.6 million), driven by:

• Lower decoder prices (reduced by up to 40% for new subscribers)
• Expanded sales network (over 15% increase in points of sale)
• Early realization of merger synergies

“Our strong first-half results reflect our strategic progress,” said Canal+ CEO Maxime Saada. “We’ve focused on reducing entry costs and expanding distribution to reach more customers.”

Beyond affordability, the turnaround strategy includes:

• Securing long-term rights to popular sports leagues like the English Premier Soccer League
• Doubling down on live sporting events—a key differentiator against streaming rivals
• Content localization and targeted offerings for various African markets

The company has already achieved roughly half of its €250 million annual synergy target, with MultiChoice contributing €120 million in profit improvements during the first half.

While some of these gains reflect seasonal factors, Canal+’s initial results suggest that traditional pay-TV can still thrive by focusing on value, live content, and targeted offerings—even as consumers increasingly explore streaming alternatives.