Media group Vivendi has agreed terms to buy out media conglomerate Lagardere’s 20-per-cent stake in French pay-television broadcaster Canal Plus for €1.02bn ($1.39bn).
The two parties said that the agreement will put an end to all disputes between the two groups related to the venture, which is a major platform for sports coverage in France.
The two French media groups have been engaged in a long-running battle and are now said to have met on a halfway mark on price following legal mediation that began in May.
The Reuters news agency said that Lagardere valued its stake in Canal Plus France at €1.15bn, while Vivendi believed it was worth between €800m and €900m.
An agreement has been reached following mediation led by the Paris commercial court.
The two parties said: “The Lagardère and Canal+ Groups will continue to pursue their cooperation in programme production and the publishing and distribution of television channels.”