Orange, the France Telecom brand, has said it is in exclusive talks with French video-sharing website Dailymotion to acquire a 49% stake in the company for E58.8m.
According to an Orange statement, the deal with Dailymotion, which is the world’s second…
Orange, the France Telecom brand, has said it is in exclusive talks with French video-sharing website Dailymotion to acquire a 49% stake in the company for E58.8m.
According to an Orange statement, the deal with Dailymotion, which is the world’s second largest video website, is expected to allow the company to set up a multi-screen video offer.
The agreement, to be signed in the next few months, also gives Orange the option to buy the rest of the company it will not already own in 2013.
According to reports, France’s sovereign wealth fund, le Fonds Strategique d’Investissement (FSI), will remain a minority shareholder in Dailymotion following the transaction.
The other shareholders in the website include Atlas Venture, Partech International, Advent Venture Partners and IDInvest Partners.
“This operation fully illustrates Orange’s content strategy, which aims to benefit its customers by building on the Group’s role as an aggregator and broadcaster of content through the development of strong partnerships. This strategy was exhibited in other recent announcements in areas such as the press, publishing and music businesses, e.g., through the launch of Read and Go and through Orange’s partnership with Deezer,” a statement said.
Orange announced last July that the company was in talks to buy a minority stake in music streaming company Deezer. The two companies said that were working to create closer ties between Orange’s music streaming service Wormee and Deezer.
