Canal+ Group signs MOU to take control of Orange TV assets

Orange and the Canal+ Group today announced a memorandum of understanding that anticipates the acquisition by Canal+ of all capital held by Orange in the OCS pay TV package and in Orange Studio, the film and series co-production subsidiary.

Canal+, which is already a 33.34% shareholder in OCS, will become sole shareholder of the companies after this transaction. The deal is now being presented to employee representative bodies and the French Competition Authority.

Assuming the deal goes ahead, it will mark the end of the end of the telco’s unsuccessful foray into the TV business, which has resulted in years of losses. For Canal+, the deal could add up to 3 million OCS subscribers. As importantly, it will allow the company to turn its attention to its ongoing battle with streamers like Netflix.

Aside from subscribers, Canal+ will secure access to a large portfolio of content. In a statement, the partners said: “Orange Studio has 200 co-productions to its credit as well as a catalogue of 1800 works, including films The Artist and The Father.”