PARIS, 21 November 2025 — French media group Canal+ SA is preparing to launch its first-ever euro bond offering, signalling a move to refinance part of its existing debt tied to its acquisition of MultiChoice Group shares. The company is reported to begin investor outreach next week, seeking proceeds of about €500 million from a five-year note issue.
The funds will be directed mainly at repaying a €1.46 billion bridge facility originally used to finance the MultiChoice deal. Insiders indicate that the financing plan is central to Canal+’s broader strategy of stabilising its balance sheet and optimising its capital structure in a challenging media-industry landscape.
Why the Bond Matters
- Canal+’s decision to issue a debut euro-bond reflects ongoing pressure on media companies to access diversified financing amid declining linear-TV revenues and rising content-investment costs.
- By refinancing the bridge loan tied to the MultiChoice acquisition, the company aims to replace short-term funding with a longer-dated note, reducing rollover risk.
- The size and structure of the transaction will provide a market test of investor appetite for media-content credit in Europe, and could influence financing conditions for other broadcasters or streaming players in Asia-Pacific.
Implications for the Media & Financing Ecosystem
For media companies and investors in Southeast Asia and beyond, the Canal+ bond initiative is significant:
- It highlights how legacy media players are increasingly turning to capital-markets solutions to fund global content and regional acquisitions, rather than relying solely on bank financing.
- For the emerging creator-economy and streaming sectors in Asia, the transaction underscores the relevance of global credit-market access for content-intensive models.
- Investors in Asian media platforms can monitor how this euro-bond performs, pricing, yield, covenant structure and demand will set precedents for non-U.S. financing of media deals.
What to Watch
- The pricing and yield of the bond when launched, media-sector credit spreads will reflect investor sentiment toward the industry’s risk profile.
- The timing and placing of the notes, whether Canal+ taps investor demand via a benchmark public bond or a private placement.
- The impact on creditor sentiment, whether the refinancing improves Canal+’s leverage metrics, ratings outlook and cost of capital.
- Regional spill-over effects, whether Asian media & content companies follow suit with similar bond issuances, especially for cross-border acquisitions or platform build-outs.
