French media giant now owns 80% of pay TV co.
French entertainment giant Vivendi owns 80% of pay TV powerhouse Canal Plus after buying a 5.1% stake from commercial broadcaster M6 for E 384.2 million ($522 million).The remaining 20% is owned by Lagardere, France’s largest publisher, which recently expressed interest in selling its holding through a public share offering to maximize the valuation. Under a 2007 shareholder agreement, Lagardere has a window to sell its stake between March 15 and April 15 each year until 2014. In November, Vivendi acquired commercial web TF1’s 9.9% stake in Canal Plus.
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