Canal+ film investment pact reaches nearly $1.1 billion

Canal+ has locked in a new Canal Plus film investment agreement worth nearly €1 billion, about $1.1 billion, for French and European movies over five years, Variety reported.

The deal covers the period from 2028 through 2032 and was announced by Canal+ chairman and CEO Maxime Saada in a post on X. Saada called the agreement “historic” and said it reinforced Canal+ as a major backer of the French and European film sectors.

According to Variety, the new commitment is bigger than Canal+’s current three-year pact, which requires €480 million in investment from 2025 to 2027. The fresh total also folds in obligations connected to OCS, the pay-TV group Canal+ acquired in 2023.

OCS had previously made its own agreement with French cinema groups to spend at least €60 million on French and European films between 2021 and 2023, Variety reported.

What does the Canal+ film investment deal cover?

The agreement sets Canal+’s financial commitment to French and European cinema for 2028 to 2032. Variety reported that it also preserves Canal+’s ability to offer films to subscribers six months after their theatrical release.

That six-month window matters in France because film release timing is tied to how much broadcasters and streaming services contribute to the local movie business. Saada said in his X post that French cinema should be supported, financed and promoted, and noted that Canal+ has been involved with the sector for more than 40 years.

What is France’s media chronology?

France’s media chronology is the system that determines when movies can move from theaters to services such as pay TV and streaming platforms. Under the system, companies that put more money into French cinema can receive earlier access to films after theatrical release.

The Canal+ negotiations came after months of talks over future investment obligations, Variety reported. The debate has also drawn in Netflix and Prime Video, which have appealed to France’s Council of State over the country’s financing and release-window rules.

Variety reported that those streaming platforms are challenging a system that makes them wait 17 months to show newly released films. They argue that their investment levels should qualify them for earlier access.

Saada has pushed for more favorable timing for Canal+ Group, according to Variety, pointing to Disney+ securing a nine-month window in France after committing €35 million to theatrical films.

Why the deal comes after a tense Cannes season

The pact follows a strained period between Canal+ Group and parts of the French film industry. Variety reported that tensions flared around the Cannes Film Festival after a petition criticized the growing influence of Vincent Bolloré, Canal+’s largest shareholder, over French media and accused him of having a fascist agenda.

Saada responded during a Cannes lunch with French producers by saying Canal+ would no longer work with signatories, according to Variety. The remarks drew accusations of blacklisting from industry groups, and more film professionals later signed the open letter, including Javier Bardem and Mark Ruffalo.

At an annual general meeting in late May, Saada clarified that Canal+ would not seek out technicians or refuse to finance films because people had signed the petition, Variety reported. He also said the company would take filmmakers’ relationship with Canal+ into account and consider whether people involved in a project had “actively caused harm” to the company.

Canal+ Group had six films at Cannes, including Quentin Dupieux’s “Full Phil,” starring Kristen Stewart and Woody Harrelson, and Jeanne Herry’s “Garance,” starring Adèle Exarchopoulos. Variety reported that the group is also heading to the Venice Film Festival with several titles, including Danny Boyle’s opening-night film “Ink,” starring Guy Pearce and Jack O’Connell.

This story draws on original reporting from Variety.