French media giant Vivendi SA (VIV.L,VIVEF.PK) said it has acquired a 26.2 percent interest in Banijay Group, an independent television production and distribution company, following the completion of the merger between Banijay and Zodiak Media announced today.
Vivendi's investment in Banijay Group represents a cash payment of 290 million euros, including 100 million euros for a 26.2 percent interest in the new combined entity.
In addition, Vivendi subscribed to two bonds for 100 million euros and 90 million euros issued by Banijay Group and Lov Banijay, a holding structure controlled by Stéphane Courbit, respectively, each of which is redeemable at the issuer's option in shares or cash. Both bonds have a 7-year maturity.
Vivendi noted that the investment is part of its intention to develop itself into original content production. According to Vivendi, Banijay Group is a formidable community of creative talent who are developing the new generation of quality entertainment programs.
Banijay Group, with revenues of around 900 million euros and operations in more than 17 countries, owns a portfolio of brands and formats in the fields of entertainment, drama, factual, reality entertainment, docu-dramas, as well as children's and animation programs.
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