Vivendi U expands
StudioCanal ups stake in TV prod'n house
StudioCanal CEO Richard Lenormand described the deal as a "fine move" Monday. "It is extremely interesting to be in both TV and film, producing for the big screen and the small screen, which interrelate more and more," he told Daily Variety. "We will be the only European company doing both."
Expand, which produces the French version of "Who Wants to Be a Millionaire" and the adventure show "Fort Boyard," had revenues of 200 million euros ($172.2 million) in 2000, compared to StudioCanal's $258.3 million.
Lenormand was not forthcoming on the company's much-speculated-upon film plans, however. He promised news by the end of the month.
StudioCanal owned about 33% of Expand before its new move. By exercising a call on 20% owned by the company's original owners, StudioCanal now has a 52% stake and 59% of the voting rights.
StudioCanal paid 55 francs ($7.22) per share, 22% above the closing price Jan. 29, when company announced its interest in upping its stake in Expand.
It will launch a takeover bid for the rest of the shares but hopes a minority of the company will continue to be publicly quoted, Lenormand said.
"The TV sector is consolidating," he explained, "and we think it is important for Expand to continue being listed so that we can accelerate our development." That could involve further prod house acquisitions, he added.
Co-founder Philippe Poiret and Dominique Ambiel will continue to manage Expand; co-founder Patrick Wallaert will no longer play a role in the company's operations.
