France’s Canal+ teases new partnerships with Sky and Google as it hails ‘transformational year’
French media powerhouse Canal+ has revealed new partnerships with Sky, Google Cloud and OpenAI as it published its 2025 preliminary financial results in what the broadcaster described as a “successful and transformational year.”
Maxime Saada, CEO, says the company will deploy AI tools to capture synergies, find operational efficiencies and improve its entertainment platform through collaboration with Google Cloud and OpenAI.
Meanwhile, an “ambitious” tie-up with UK-based pay TV broadcaster Sky will develop English-speaking drama content. Saada said: “Sky and Canal+ share the same story-telling DNA and drive to develop globally successful content and IP. Our previous coproductions, like The Young Pope and Zero Zero Zero, are great examples of what we can do together.”
Sky and Canal+ said they will work together to develop a minimum of two projects per year over an initial three-year term, co-financing greenlit projects and “drawing on the capabilities of StudioCanal and independent producers.”
The new alliances were teased as Canal+ unveiled its first full-year financials since being listed on the London Stock Exchange and acquiring African entertainment giant MultiChoice in a US$2 billion deal.
As reported by C21 last week, Canal+ has taken the controversial decision to shutter MultiChoice’s streamer Showmax. Today’s report went so far as to bluntly describe the VoD platform as “an expensive failure.”
Canal+ says that MultiChoice has faced multiple macro-economic factors, including load-shedding power cuts across the continent, currency devaluation in Nigeria and strong inflation in the production of content.
The closure of Showmax has prompted alarm among producers and industry figures in Africa, who have warned the move will remove a crucial commissioner of local content across the continent.
However, Canal+ is adamant that the impending phasing out of Showmax was necessary in its attempt to “turn around MultiChoice,” with the Group soon to be listed on the Johannesburg Stock Exchange “in what will be a significant moment for our company,” said Saada.
The Group’s full-year financials showed that revenue dipped 2.5% to €6.28bn (US$8.43bn), while adjusted Ebitda rose almost 5% to €527m.
Earnings from content production and distribution fell from €817m in 2024 to €775m last year. The report put that down to 2025 suffering by comparison to 2024’s record year in international sales at Canal+, thanks to the success of movies such as Paddington in Peru and Back to Black.
Saada said: “2025 was a successful and transformational year for Canal+. We began the year facing significant challenges. The MultiChoice acquisition had yet to be completed and we had major unresolved legacy tax issues in France, profitability concerns in Europe and significant sports tenders still outstanding. And 2025 was also our first year as an independent listed business.
“We ended the year having successfully put those challenges behind us. We completed the acquisition of MultiChoice, and we have identified run-rate cost savings from synergies of €400m from 2030 onwards.
“Our tax issues have been resolved, and we have clarity on our future tax regime. Our European business is 15% more profitable, and we extended our agreement with UEFA in France, securing this key sports right for four additional seasons. On top of that, we refinanced our debt on attractive terms, which has lowered our cost of funding.”
