French media giant Vivendi has closed the acquisition of an 80 per cent stake in video-sharing portal Dailymotion from Orange for €217 million. The pair announced on April 7 that they had entered into exclusive negotiations regarding the acquisition. Orange will retain a 20 per cent stake in the company.
The acquisition gives Vivendi access to a range of music and audiovisual content and allows for the joint development of original content, together with the Universal Music Group and Canal+ Group teams.
Dailymotion has around 128 million unique visitors a month and has grown its revenue by about 30 per cent a year since 2012, although it only represents about 1 per cent of Orange’s total revenues.
Hong Kong-based telco PCCW pulled out of talks to purchase a stake in Dailymotion in early April after the French government publicly urged Orange to look for European buyers for the site.