Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Sunday, December 22, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

French broadcaster Canal+ shares fall 16% in London listing after spinoff from Vivendi

December 16, 2024
in News
Reading Time: 3 mins read
A A
French broadcaster Canal+ shares fall 16% in London listing after spinoff from Vivendi
0
SHARES
ShareShareShareShareShare

READ ALSO

3 ways to lower stress this holiday season

Richard Branson recommends 3 gifts from his holiday shopping list

In this photo illustration, the French premium television channel, studio and distributor, Canal+ (plus) logo is seen displayed on a smartphone.

Sopa Images | Lightrocket | Getty Images

Shares in French broadcaster Canal+ fell almost 16% after their London stock market debut on Monday.

Media holding company Vivendi’s shareholders last week agreed to spin off Canal+, a pay TV and production company known for its live sports broadcasting and Studiocanal, which makes the Paddington film franchise.

Shares were trading around 243 British pence ($3.07) at 10:13 a.m. London time, down 15.7% from the session’s open.

Paris-listed shares of Vivendi were meanwhile up 33.2% at 10:13 a.m. London time.

“Vivendi was suffering from a conglomerate discount. So when you looked at the value of Vivendi, it was less than 10 billion euros [$10.52 billion], and the estimate of the sum of the parts was much greater than that. So to unlock that value potential of each of these assets, hence the split,” Maxime Saada, CEO of Canal+, told CNBC’s “Squawk Box Europe” Monday.

French broadcaster Canal+ shares fall 16% in London listing after spinoff from Vivendi

“[Canal+] used to be a very French-centric company, with approximately 9 million subscribers, and, in just 10 years, it has tripled its number of subscribers. Now two-thirds of our subscriber base is outside of France, in Africa, in Eastern Europe, in Asia, and, of course, in France,” he said.

Saada added that the spun-off Canal+ would seek to expand its presence as a sports broadcaster to compete with U.S. players in a selective manner.

“Every company that I’ve seen in our business that has really died is because they overspent on sports,” he said. “We’re not dependent on any kind of content, any piece of content. Because we have this broad value proposition with cinema, with sports, with the platforms, we can pass on rights when we believe that they’re too expensive.”

Havas and Louis Hachette Group are also being spun off from the Paris-headquartered media conglomerate and will be listed on the Euronext Amsterdam and the Euronext Growth Paris, respectively.

“We are delighted with the very high adoption rate of our spin-off project. This undisputable result confirms the strong support of our shareholders for this transformative transaction,” Yannick Bolloré, chair of Vivendi’s board, said in a statement last week after the plan was approved, with over 97% of votes in favor.

The Canal+ London listing was seen as an avenue to provide a much-needed boost to the U.K.’s capital markets following a slew of departures over recent years. Chancellor Rachel Reeves on Friday described the debut as a “vote of confidence.”

“I’m delighted that CANAL+, a leading international media company, has chosen the UK. Their decision is a vote of confidence in the UK’s capital markets, the stability we are delivering and our plan for change,” she said in a statement at the time.

It comes as the London Stock Exchange looks set for its worst year for departures since the financial crisis, according to an FT report citing the LSEG, which indicates that a total of 88 companies having delisted or moved their primary listing from London’s main market this year, while only 18 have joined.

The LSE departures have taken place despite government and regulator moves to boost the London’s appeal as an investment hub and reform listing rules in a bid to compete with competitor markets, particularly in the U.S.

“Choosing London for Canal+ is important as it is the biggest company to join the UK stock market since changes to the listing rules in the summer and under the newly installed Labour government,” Russ Mould, investment director at AJ Bell, said over email.

“If Canal+ does well, it could act as a shop window for other big names to float in London and help replenish the pot that has been shrunk by takeovers and delistings,” he added.

Investors will now be closely watching the fate of other potential U.K. listings, including that of Singapore-based fast fashion giant Shein. The online fashion group has been engaged in ongoing discussions with the British government after shelving its flotation bid in the U.S. amid pushback over its ties to Beijing and broader labor practices.

Credit: Source link

ShareTweetSendSharePin
Previous Post

The best digital frames for 2025

Next Post

Luigi Mangione hires top lawyer—whose husband is representing Sean ‘Diddy’ Combs

Related Posts

3 ways to lower stress this holiday season
News

3 ways to lower stress this holiday season

December 21, 2024
Richard Branson recommends 3 gifts from his holiday shopping list
News

Richard Branson recommends 3 gifts from his holiday shopping list

December 21, 2024
What tariffs could mean for car prices
News

What tariffs could mean for car prices

December 21, 2024
I spent ,563.38 to travel for 18 months: My budget breakdown
News

I spent $34,563.38 to travel for 18 months: My budget breakdown

December 21, 2024
House passes funding bill, Senate takes it up next
News

House passes funding bill, Senate takes it up next

December 21, 2024
Cramer explains how to spot ‘exquisite moments’ like Friday’s session
News

Cramer explains how to spot ‘exquisite moments’ like Friday’s session

December 21, 2024
Next Post
Luigi Mangione hires top lawyer—whose husband is representing Sean ‘Diddy’ Combs

Luigi Mangione hires top lawyer—whose husband is representing Sean ‘Diddy’ Combs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

NYC marketing titans behind ‘Got Milk’ and ‘Think Different’ merge to form  billion agency that aims to influence everything you buy

NYC marketing titans behind ‘Got Milk’ and ‘Think Different’ merge to form $30 billion agency that aims to influence everything you buy

December 9, 2024
WNBA expansion questions for the Liberty, Valkyries and beyond

WNBA expansion questions for the Liberty, Valkyries and beyond

December 6, 2024
Micron has for worst day since 2020 after disappointing guidance

Micron has for worst day since 2020 after disappointing guidance

December 20, 2024
This was Bashar al-Assad’s mansion. Syrians are now helping themselves to its opulence after the ousted dictator fled to Russia

This was Bashar al-Assad’s mansion. Syrians are now helping themselves to its opulence after the ousted dictator fled to Russia

December 9, 2024
China ramps up Wall Street meetings as Trump inauguration looms

China ramps up Wall Street meetings as Trump inauguration looms

December 11, 2024
Ex-Miami booster, Ponzi schemer Nevin Shapiro among those with sentences commuted by Biden

Ex-Miami booster, Ponzi schemer Nevin Shapiro among those with sentences commuted by Biden

December 15, 2024
Orange partners with OpenAI, Meta on custom African language AI models

Orange partners with OpenAI, Meta on custom African language AI models

November 26, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • The Bombas founders survived layoffs and dead-end jobs before starting a billion-dollar empire.
  • Food Processing Distributor Nelson-Jameson Announces New Distribution Center in Fairview, Pennsylvania
  • Pelicans given technical after ploy to have ballboy stall time vs. Knicks
  • Dorian Finney-Smith a late scratch as Nets’ injuries mount

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In