French private broadcaster Television Francaise 1 SA (TFI.FR) Monday said it has agreed to sell its 9.9% stake in Canal Plus France to French media-to-telecoms company Vivendi SA (VIV.FR) for EUR744 million.

Vivendi, which in a separate statement confirmed it will buy the stake, said it has made an identical offer to M6-Metropole Television SA (MMT.FR) to also buy the latter's 5.1% stake in Canal Plus France, a unit of Vivendi's Canal Plus Group.

Vivendi granted M6 and TF1 put options on their shares in Canal Plus France, when the latter merged with pay-TV company TPS in early 2007.

"The impact of this transaction, which was originally planned for the first quarter of 2010, has already been taken into account, for an identical amount, in Vivendi's debt in respect of TF1's put option held by TF1 since January 2007," Vivendi said in a statement.

Both companies said they expect the deal to be completed by the end of the year.

Canal Plus Group, which is wholly owned by Vivendi, will increase its stake in Canal Plus France to 75% from 65% following the transaction, Vivendi said.

-By Ruth Bender, Dow Jones Newswires; +33 1 40 17 17 54; ruth.bender@dowjones.com
Television Francaise TF1 (EU:TFI)
Historical Stock Chart
From Jan 2025 to Feb 2025 Click Here for more Television Francaise TF1 Charts.
Television Francaise TF1 (EU:TFI)
Historical Stock Chart
From Feb 2024 to Feb 2025 Click Here for more Television Francaise TF1 Charts.