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Having obtained clearance from all the relevant authorities, FLCP (the holding company of the Newen group) and TF1 have confirmed completion, on the terms disclosed on November 9th, 2015, the acquisition of a 70 per cent equity interest in FLCP, which has been renamed Newen Studios on this occasion and which will be composed of Newen and Neweb. The existing shareholders of FLCP, including the management team, retain a 30 per cent equity interest in the company.
According to TF1, the deal is consistent with its strategy of positioning itself in content, and as such aims to develop a new line of business operating independently of the Group’s channels.
Newen will seek to maintain close relationships with its existing customers, with the assurance that a pipeline of quality programmes will be maintained over the long term.