French giant eyes full control of Showmax

Canal+ is studying the possibility of buying out the remaining stake in African streaming platform Showmax from Comcast, people familiar with the matter said, as the French media firm looks to consolidate its operations in the continent.

The London-listed company is working with advisers on the potential purchase of Comcast’s 30% stake in Showmax, which is the largest streaming platform in Africa, said the people, who asked not to be identified as the information is private. MultiChoice, controlled by Canal+, owns the rest of Showmax.

Considerations are preliminary and there’s no guarantee they would lead to a transaction, the people said. Representatives for Canal+ and Comcast declined to comment.

Africa has the fastest-growing and youngest population in the world, who are looking for wider access to broadband. They are also becoming major entertainment consumers with a preference for local content provided by services like Showmax.

Comcast acquired the stake in Showmax from MultiChoice through its NBCUniversal unit in 2023, and relaunched the streaming service last year on its Peacock streaming platform.

Showmax competes with other large streaming services such as Netflix and Amazon on the continent.

Showmax is only available in Africa with a presence in 44 countries there, its website shows. The platform focuses on local content.

In 2024, nine out of 10 of its most streamed titles were local including Adulting and The Mommy Club, with HBO’s House of the Dragon being the exception.

Canal+ is moving ahead with its plans for a secondary inward listing on South Africa’s main bourse after taking full control of Showmax’s owner MultiChoice last month.