Canal+ SA on Tuesday said it has entered exclusive negotiations to acquire a 34% stake in French cinema group UGC.
Shares in the Paris-based media and telecommunications conglomerate closed down 1.7% at 224.70 pence in London on Tuesday.
If the minority acquisition is completed, Canal+ will hold the option for full control of UGC from 2028.
Chief Executive Officer Maxime Saada said: ‘Since its creation in 1984, Canal+ has been the number one partner and supporter of French and European cinema. UGC has built a remarkable network of theatres, an exceptional library of content and outstanding IP. The growth of STUDIOCANAL, led by Anna Marsh, is a priority for the Canal+ group, and combining our business with UGC would enable us to accelerate this development. This transaction demonstrates the group’s commitment to cinema and theatrical exhibition, which play a vital role in showcasing and enhancing the value of films.’
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