French industrial group Bollore (BOL.FR) Friday said it has finalized the sale of its free-to-air television channels Direct 8 and Direct Star to Canal Plus (AN.FR) as well as the channels' advertising units.

The agreement gives Canal Plus the option to either buy 60% of the channels with shares in Vivendi SA, which controls Canal Plus, and the remaining 40% with cash three years later, or to buy 100% in one go, in exchange for 22.4 million Vivendi shares, the two companies said in a joint statement.

The agreement still requires the approval of the French TV regulator and anti-trust authorities, the statement said.

The Bollore group, controlled by French businessman Vincent Bollore, seeks to exit from the television business.

-By Eric Chalmet, Dow Jones Newswires; +33 1 4017 1740; eric.chalmet@dowjones.com

Vivendi (PK) (USOTC:VIVHY)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Vivendi (PK) Charts.
Vivendi (PK) (USOTC:VIVHY)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Vivendi (PK) Charts.