France: Canal+ and France Telecom to combine cable TV operations
Posted on: Monday, 22 March 2004, 06:00 CST
Canal+, the TV arm of Vivendi Universal, and France Telecom have signed a memorandum of understanding aiming to combine their cable activities and networks - NC Numericable and France Telecom Cable respectively - with a view to enable the acquisition by new shareholders of a controlling interest in the new entity.
The two companies will keep a minority interest in the new entity, France Telecom said in a press release on 18 March.
"The new entity would include the cable activities and networks of France Telecom and Groupe Canal+, with 4.3m passed homes and 1.7m active customers (at 31 December 2003)," the release added.
The firms see the initiative as vital to bring about consolidation in the French cable TV industry, France Telecom said, adding: "This agreement is in line with France Telecom's strategy of reducing progressively and in an orderly manner its activities in the cable industry through a concerted approach."
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