Canal+ Bets on Africa's Streaming Future with Push for Full Showmax Control

Canal+ SA is reportedly considering acquiring Comcast Corp.'s 30% stake in Showmax, the largest streaming platform in Africa, as part of a broader strategy to consolidate its presence in the continent's rapidly growing entertainment market, according to a Bloomberg report. The French media giant, which already controls MultiChoice Group Ltd.—Showmax's parent company—is evaluating the potential purchase through advisers, though no final decision has been made.

The move aligns with Canal+'s recent efforts to strengthen its dominance in Africa, where it has seen increasing demand for localized content. Showmax, which operates in 44 African countries, has built its reputation on indigenous programming, with nine of its top 10 most-streamed titles in 2024 being locally produced. This focus on regional content positions the platform to capitalize on Africa's youthful, tech-savvy population, a demographic expected to drive long-term growth in digital entertainment consumption.

Comcast acquired its stake in Showmax in 2023 through its NBCUniversal division and later integrated the service into its Peacock streaming platform. However, the partnership has not yielded significant traction in Africa, where Showmax faces stiff competition from global giants like Netflix Inc. and Amazon.com Inc. Canal+'s push for full ownership could enable more tailored strategies to better compete in the region.

The potential deal comes as Canal+ prepares for a secondary listing on South Africa's main stock exchange following its recent takeover of MultiChoice. This financial maneuver could provide the capital needed to execute a buyout of Comcast's stake, though the transaction remains speculative. Both Canal+ and Comcast have declined to comment on the matter.

Analysts note that Africa's streaming market is still in its early stages, with broadband access expanding and smartphone penetration rising. Showmax's localized approach has resonated with audiences, as seen in hits like Adulting and The Mommy Club, which highlight African stories and cultures. By securing full control, Canal+ could further invest in content production and infrastructure to solidify its market leadership.

The deal would also reflect broader trends in media consolidation. Recent transactions, such as Blackstone Inc.'s $17.1 billion acquisition of Hologic, Inc. and SoftBank Group Corp.'s $30 billion investment in OpenAI, underscore the appetite for large-scale buyouts in 2025. For Canal+, the Showmax stake represents a strategic bet on Africa's entertainment potential, a market projected to grow as digital adoption accelerates.