Episode Details

Canal+ reported first-half revenues of €4.29 billion ($4.88B), up 40% year-over-year — but strip out the $2B MultiChoice acquisition and organic growth was just 1.4%. The results reveal a transformation story, not a growth story, and they carry direct implications for how non-Hollywood capital is reshaping the global content and pay-TV landscape. This episode breaks down the MultiChoice integration results, the Showmax shutdown math, Studiocanal's forward slate, and a new €980M+ commitment to French cinema.

Key Takeaways:

• Canal+ H1 revenues hit €4.29B ($4.88B), up 40% YoY — but only 1.4% growth excluding MultiChoice.
• Adjusted EBIT rose 68% to €433M with a 10.1% margin; ex-MultiChoice, EBIT growth was just 13%.
• Canal+ hit its full €250M synergy target ahead of schedule; €120M in H1 alone, primarily from shutting down Showmax.
• Showmax had been burning cash at a severe ratio: €52M in losses on €23M in revenue in H1 2025 before discontinuation.
• MultiChoice adjusted EBIT surged 160% to €143M (from €55M); subscriber acquisition up 40% YoY, with June the best month in a decade.
• Studiocanal's content segment posted €356M in revenues (+9.9% YoY), but its share of group revenues shrank from 9.3% to 7.8% as MultiChoice dilutes proportional weight.
• The Midnight Library sold to Paramount at Cannes for $36M — Canal+'s biggest film deal at the festival this year.
• Canal+ pledged €980M+ toward French and European cinema over five years in a deal described as unprecedented in length.

Canal+ is now operating on a two-speed strategy: African pay-TV scale funds Western content credibility. With MultiChoice's turnaround tracking ahead of plan, a Studiocanal slate anchored by Paddington 4, Escape From New York, and Danny Boyle's Ink, and a long-term French content commitment locked in, Canal+ is positioning itself as a genuinely global content company — not a French incumbent with overseas exposure. Agents and producers with European or African co-production exposure should be watching this closely.

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