French pay-TV company Canal+ is commencing a complete withdrawal of its Vietnamese venture K+, operated by Vietnam Satellite Television, with all channel operations and distribution set to cease on January 1 2026.

The decision marks the conclusion of K+’s 16-year presence in the Southeast Asian market, driven by what the parent company describes as a “weak spot”.

The decision also follows years of substantial financial losses and market saturation. The joint venture has accumulated significant financial deficits. According to Canal+’s First Half 2025 financial statements, the cumulative loss for the operator reached approximately €182 million ( nearly 5.5 trillion Vietnamese dong ) as of June 30 2025.

K+ launched in 2009 in Vietnam and quickly became a dominant force in the high-end pay-TV sector, primarily by securing exclusive local broadcasting rights for major international sports tournaments, most notably the English Premier League ( EPL ).

Football is “the king of sports” in Vietnam and EPL games are eagerly awaited during weekends. Vietnam Satellite Television ( VSTV ), a 51/49 joint venture between Vietnam Television – the national TV – and Canal+ has reportedly struggled to translate its high-value content into sustainable profitability.

Industry observers attribute the financial strain to intense competition from local over-the-top ( OTT ) streaming platforms and, critically, rampant intellectual property infringement and piracy of premium sports content, which eroded its subscriber base and revenue potential.

In July 2025, Canal+ publicly said that Vietnam was a weak spot in Asia, adding: “The Vietnam business is being closely assessed as its performance has been meaningfully affected by the market environment.”

Canal+ CEO Maxime Saada had previously admitted the company was at a stage where “the losses are large enough and the solutions are unclear”, leading to the decision to withdraw.

The January 1 closure announcement followed several months of operational scaling back. In the final quarter of the year, K+ halted the sale of new satellite receiver and internet TV box packages. New customer acquisition was restricted solely to its mobile and web-based OTT application, while distribution partners like FPT Play, MyTV and TV360 stopped selling or renewing long-term K+ packages, effectively forcing existing customers onto shorter-term subscription options set to expire early in 2026.

The most significant immediate business consequence of the exit is the fate of the EPL broadcasting rights, which VSTV currently holds through the end of the 2028 season. Multiple market sources indicate that FPT Play, one of Vietnam’s largest digital content providers, is in the process of acquiring or sub-licensing the remaining term of the EPL contract from VSTV.

This potential handover ensures the highly popular football league from England will remain available to Vietnamese viewers, mitigating consumer disruption while solidifying FPT Play’s position in the premium sports content segment.