Canal+ buys 34% of UGC, says integrating MultiChoice is top priority

By Leo Marchandon

(Reuters) -Canal+ has agreed to buy a 34% stake in French cinema operator and producer UGC, with an option to purchase the remaining shares after 2028, although the broadcaster said its main focus was on the integration of MultiChoice after the $2 billion acquisition.

The group's revenue grew 1.2% organically to 4.6 billion euros ($5.4 billion) in the first nine months of 2025, excluding MultiChoice which was consolidated into it only in the final 11 days of the period, Canal+ said in a quarterly report on Thursday.

Integration of the South African broadcaster is the priority, while Canal+ also remains open to growing its holdings in broadcasting services, CEO Maxime Saada told Reuters.

Canal+ owns nearly 30% of Sweden's Viaplay and 37.3% of Hong Kong‑based Viu, with an option to raise that stake to 51%. "We sit on the board of these two companies and we are very satisfied with their development," Saada said.

"We believe that we need to reestablish growth for MultiChoice on its territories," he said, noting the business had seen declines in recent quarters due to energy and currency headwinds in several markets.

Integrating the groups should drive this growth, with MultiChoice gaining access to Canal+'s large library and Canal+ benefiting from MultiChoice's content in vernacular languages such as Yoruba and Hausa, Saada added.

Canal+ now operates in nearly 70 countries through owned platforms and partnerships, including its own service in Myanmar and a 49% stake in VSTV, operator of Vietnam's K+.

UGC, its new partner, runs 55 theatres across France and Belgium and owns a substantial library that includes the acclaimed film "Amélie".

Spun off from Vivendi in December 2024 and listed in London, Canal+ said on Monday it planned a secondary listing in Johannesburg, aiming to debut there before September 2026.

($1 = 0.8579 euros)

(Reporting by Leo Marchandon in Gdansk, editing by Milla Nissi-Prussak)