French media conglomerate Vivendi (EPA:VIV) has taken control of local free to air broadcaster SECP after buying a 45.2% stake for about €457.8m (US$506.4m).
French media conglomerate Vivendi (EPA:VIV) has taken control of local free to air broadcaster SECP after buying a 45.2% stake for about €457.8m (US$506.4m).
The group, which already indirectly controlled 48.5% of SECP (Societe d’edition de Canal Plus) through wholly owned DTH firm Canal+, announced a buyout offer worth up to €467m (US$516.7m) in May.
It increased the price in July from €7.60 per share to €8, and said yesterday that the offer is set to be reopened for at least 10 stock market days, enabling it to increase its ownership beyond 93.6%.
The takeover comes as Vivendi doubles up on content and over-the-top services after shedding off video game and telecoms assets such as French mobile operate SFR.
It agreed to buy an 80% stake in online video site Dailymotion, one of the world’s largest aggregation and distribution platforms, at the end of June for €217m (US$240m).
Vivendi acquired the majority of Dailymotion from French incumbent telco Orange, which said it is now able to partner with the group because it has sold off SFR.