Canal+ in Johannesburg: The High Cost of Expansion
Following the acquisition of MultiChoice and its pre-listing on the Johannesburg Stock Exchange, Canal+ is transforming into a Franco-African giant (42.3 million subscribers and €8.665 billion in pro forma revenue) by focusing on volume-driven growth and expansion in Africa. This comes at the cost of diluted ARPU, tighter margins, and reduced free cash flow.
Canal+ has just announced the « pre-listing » of its shares on the Johannesburg Stock Exchange, a decision that was made well in advance during the acquisition of the Multichoice media platform. Shares in the group chaired by Maxime Saada will therefore now be available on two markets: London and Johannesburg. On this occasion, the group is publishing its shareholder structure as of December…
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