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Live Entertainment and the Bouygues Group have broken off discussions on Live’s proposed acquisition of Ciby 2000, the film company subsid of the Gallic construction firm.

The joint announcement by Live, its parent company, Bain Capital, and Bouygues, follows a two-month period of due diligence during which Live “was up to the five yard line” just last week, according to sources.

“Neither side is happy,” said one source, with disagreement centering on valuation of the 7-year-old company.

With three Palme d’Or-winning films at Cannes (for “Secrets & Lies,” “The Piano” and “Underground”), Ciby has been on the block for more than a year at a price in the $55 million range. With a library of about 100 titles, the company still has four films yet to release.