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Business

France’s Vivendi in talks to buy video-sharing site Dailymotion

© Damien Meyer, AFP | France’s Vivendi confirmed its offer for the video-sharing platform Dailymotion on April 7, 2015

Text by FRANCE 24

Latest update : 2015-04-07

France's Vivendi confirmed on Tuesday it was bidding for coveted video-sharing platform Dailymotion, whose previous suitors Yahoo! and Hong Kong-based PCCW were thwarted by the French government.

The French-based rival to YouTube, which belongs to telecoms group Orange, has long generated interest from companies far and wide. But several attempts to buy a stake in the platform have been met with resistance from the French government, which would prefer to see it remain in European hands.

In 2013, France blocked a bid by US giant Yahoo! to acquire Dailymotion, and last week the finance ministry said it opposed exclusive talks between Orange and PCCW group, prompting the Hong Kong telecom firm to drop its bid.

In a statement released on Monday, PCCW blamed France’s protectionist policies for the company’s decision to abandon its offer.

“An environment where policies appear to favor a French or European solution is discouraging for international business participation,” it said.

French media reported that Vivendi's offer covers an 80 percent stake in the video-sharing platform, estimated to be worth around €217 million.

Other companies have also expressed an interest in Dailymotion, according to several media reports, including French holding firm Fimalac and German groups Axel Springer and Bertelsmann.

The government's reluctance to sell Dailymotion to US or Hong Kong firms has some in France scratching their heads, particularly as it allowed the sale of a near 50-percent stake in the strategic airport of Toulouse to a Chinese consortium in December.

(FRANCE 24 with AP, AFP)

Date created : 2015-04-07

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