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Vivendi acquires 80% stake in video platform Dailymotion for $241 mn
MUMBAI: French media group Vivendi has acquired a majority stake in the video sharing platform Dailymotion from telecom operator Orange.
Vivendi has picked up an 80 per cent stake for an estimated $241 million. The remaining 20 per cent will be held by Orange.
Through the acquisition of Dailymotion, which is YouTube’s main rival, Vivendi is looking to fast-track its growth within the OTT landscape and continue its international expansion.
Dailymotion will also give the company access to popular music and audio visual content and allow both Universal Music Group and Canal Plus (owned by Vivendi) teams to target the millennial generation with original and premium content and formats.
In a statement, the media company outlined its ambitions to continue growing in OTT services and finding new audiences that go online first for their film, TV and music fixes.
“The integration within Vivendi offers Dailymotion the means to strongly accelerate its growth and continue its international expansion. It gives the company access to particularly attractive music and audio visual content and allows for the joint development, together with the Universal Music Group and Canal+ Group teams, of original and distinctive content and formats meeting the expectations of a whole new generation of digital consumers. This acquisition is at the core of Vivendi’s digital strategy. With Dailymotion, the group benefits from an over-the-top distribution platform of international stature and of a technological expertise which complements the group’s existing one,” it said.