Heavy debt has made Canal save money by renting
PARIS — Canal Plus Group is selling a symbol of its former glory, its Paris HQ designed by American architect Richard Meier, to a subsid of French bank La Caisse des Depots for e112 million ($133.7 million).
The distinctive white building overlooking the River Seine was built in the 1990s when money was no object for Europe’s pay TV powerhouse.
But after revelations 18 months ago that Canal Plus was $6 billion in the red, cost-conscious topper Bertrand Meheut vowed it would have to go.
Many staff members have already moved into rented offices in a nearby suburb. The rest will follow before the sale is finalized in October.
According to Canal Plus, the building will be rented to two unnamed companies, including one in the TV biz.