In this illustration, the logo of the French premium TV channel, studio and distributor and the Canal+ (plus) logo are displayed on a smartphone.
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He contributed to French radio Channel + It fell more than 13% after its debut on the London stock market on Monday.
Media Holding Company Living Shareholders agreed last week to spin off Canal+, a pay-TV production company known for its live sports broadcasts, and Studiocanal, which franchises the Paddington films.
Shares were trading at about 252 British pence ($3.19) at 9:13 a.m. London time, down 13.1% from the open.
Meanwhile, Paris-listed Vivendi shares rose 33.3% at 09:28 AM London time.
“Vivendi was suffering from a conglomerate discount. So when I looked at the value of Vivendi, it was less than 10 billion euros ($10.52 billion), and the sum-of-the-parts estimate was much greater than that. So, to open that up,” Maxime Saade, CEO of Canal+, told the programme. “The potential value of each of these assets, hence the split,” Squawk Box Europe on CNBC on Monday.
“Canal+ was a very French company, with almost 9 million subscribers, and in just 10 years, it has tripled the number of subscribers. Now two-thirds of our subscriber base is outside France, in Africa. “In Eastern Europe, Asia and of course,” added Saadeh. In France.
The Havas and Louis Hachette group will also be separated from the Paris-headquartered media group and listed separately.
“We are pleased with the very high adoption rate of our spin-off project. This indisputable result confirms the strong support of our shareholders for this transformative transaction,” Yannick Bolloret, Chairman of the Board of Directors of Vivendi, said in a statement last week after the plan. It was approved by more than 97% of the votes.
This is a developing story and will be updated soon.
