TF1 offloads Canal Plus France stake
November 25, 2009
Vivendi/Canal+ has bought broadcaster TF1's 9.9 per cent stake in Canal Plus France for E744 million. After the deal – originally planned for the first quarter of 2010 – is completed, Vivendi’s Canal Plus Group will own 74.9 percent of Canal Plus France.
TF1 has held a put option since January 2007 following Vivendi/Canal Plus Group’s acquisition of TPS. Vivendi also revealed that it has made an identical offer to French broadcaster M6 for its 5.1 per cent stake in Canal Plus France. The remaining 20 per cent of Canal Plus France is held by French media group LagardÃ¨re, which is likely to sell its stake to Vivendi in 2010 or 2011.