Media company Vivendi has launched a bid to buy out the French unit of its Canal Plus broadcaster.
Vivendi already owns 48.5 per cent of the unit, which controls the Canal Plus channels.
The company has offered to acquire the outstanding share capital for €7.60 ($8.47) per share, valuing Canal Plus at about €962m.
Vivendi, which described the proposal as a “friendly transaction,” said that it intends to file a tender offer statement with the relevant authorities within the coming weeks, once the Conseil Supérieur de l’Audiovisuel, the country’s media regulator, has been informed of the transaction.
The broadcaster has rights for a number of sports properties in France, but is separate from other Canal Plus assets such as StudioCanal and the overseas business.
Last month, Vivendi was reported to be considering linking up with telecommunications company Telecom Italia to invest in Italian broadcaster Mediaset.