Conglom buys TF1's stake in pay TV operator
Media conglom Vivendi has tightened its grip on Gallic paybox Canal Plus.Vivendi agreed Monday to buy Gallic web TF1’s 9.9% stake in Canal Plus for E744 million ($1.11 billion).
The sale will raise Vivendi’s stake in Canal Plus to 75%.
Remaining shares in Canal Plus are held by French publishing giant Lagardere, which has a 20% stake, and private web M6, which has 5%. Vivendi has offered to buy out both parties.
The TF1 pact comes amid frenzied deal-making for Vivendi, which recently took control of Brazilian broadband operator GVT in a deal worth $4.2 billion, and is in talks with General Electric and U.S. cabler Comcast about the sale of its 20% stake in NBC Universal.