Canal+ reported 2025 results with revenue down 2.5% to €6.28bn and adjusted EBITA up 5% to €527m, alongside a 500,000 decline in pay-TV subscribers to 14.4m and a plan to invest €100m to rebuild the base. The company’s shares fell nearly 20%, with the MultiChoice acquisition cited as a key factor, and Canal+ also confirmed the closure of streamer Showmax, calling the DTC effort an “expensive failure.” Canal+ announced new partnerships including a three-year co-commissioning drama deal with Sky (minimum two projects per year) and multiple AI initiatives with Google (Veo3 and Google Cloud indexing) and OpenAI (search/discovery improvements in its app).
This is the 2026 playbook in one earnings call: cut DTC losses, double down on bundles/pay-TV cash flows, and use “AI + premium drama” as the re-rating story. Canal+ is signaling that scale (subs) still drives valuation more than margin tweaks—especially when big M&A (MultiChoice) adds integration and balance-sheet questions. The Sky deal is a classic risk-sharing content hedge, while the Google/OpenAI moves aim to compress production iteration cycles and improve discovery without rebuilding a standalone streamer. The meme: “AI won’t fix churn, but it might lower the cost of trying.”
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