Canal+, the new owner of MultiChoice, has outlined its strategy to improve DStv’s profitability, setting ambitious cost-saving targets. The company aims to achieve US$552 million in earnings before interest, tax, and amortisation (EBITA) synergies by 2030.
Additionally, Canal+ is targeting free cash flow (FCF) synergies of US$414 million by the same year, with CEO Maxime Saada expressing optimism about reaching these financial targets. The plan includes achieving over US$207 million in EBITA and FCF cost synergies by 2026, increasing these figures to US$414 million and US$345 million, respectively, by 2028.
Saada highlighted the benefits of increased scale, stating, “Our expanded size will create significant synergies, especially in terms of cost management.” He emphasised the potential for growth in Africa and the opportunities that lie ahead.
The acquisition of MultiChoice’s subscriber base, which exceeds 14 million, has elevated Canal+’s total subscriber count to approximately 40 million across Europe and Africa. Canal+ boasts a successful history of expanding its African subscriber base, which grew from 400,000 in 2010 to 9 million by 2025. Similarly, the MultiChoice Group saw its subscribers rise from 3.9 million to 14.1 million over the same period.
However, the MultiChoice Group reached a peak of around 23.5 million subscribers in the 2023 financial year. According to Canal+, the company is well-positioned to help MultiChoice return to its pre-2023 growth trajectory.
“Leveraging our strong position across the continent, the newly merged Group is implementing a comprehensive action plan aimed at revitalising growth in MultiChoice Group’s markets,” Canal+ stated. Further details regarding the strategic plan for MultiChoice Group will be shared during the Canal+ Strategic Update, which coincides with the Group’s Full Year results announcement.
Canal+ has highlighted several focus areas for cost synergies following the merger, including:
Content: Streamlining internal content and negotiating rights with sports and entertainment providers.
Technology and Other: Renegotiating hardware costs, optimising broadcast infrastructure, integrating technological systems, enhancing procurement practices, consolidating brand and marketing efforts, optimising financing costs, and reducing structural support expenses.
Since taking control of MultiChoice in September 2025, Canal+ has already secured over US$110 million in FCF synergies for 2026 through new content collaborations, hardware price renegotiations, technological optimisations, and restructuring MultiChoice’s long-term debt.
