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Canal+ Acquisition Fuels Revenue Surge
28 Jul
Summary
- Canal+ revenues grew 40% to €4.29B due to MultiChoice acquisition.
- Synergies of €250M from MultiChoice takeover have been achieved.
- Studiocanal secured a $36M film deal for 'The Midnight Library'.
Canal+ has announced a substantial surge in half-year revenues and earnings, with total group revenues growing by 40% to €4.29 billion. This impressive financial uplift is primarily attributed to the recent €2 billion acquisition of Africa's MultiChoice. Without this acquisition, the year-on-year revenue growth would have been a more modest 1.4% compared to the previous year's €3.07 billion.
Further demonstrating the positive impact of the MultiChoice integration, Canal+ has achieved its target of €250 million in synergies. The company's CEO, Maxime Saada, confirmed that these benefits are starting to materialize as expected. In a separate strategic move, Canal+ also committed over €980 million to French and European cinema over the next five years through a new agreement with French entertainment bodies.
Canal+'s production arm, Studiocanal, experienced a strong performance, with theatrical successes and significant deals, including a $36 million sale of 'The Midnight Library' to Paramount. The content production and distribution segment generated €356 million in revenue. Meanwhile, the turnaround of MultiChoice is underway, with subscriber acquisition up 40% in its markets, and adjusted EBIT at MultiChoice significantly increasing to €143 million.
