PARIS French media group Vivendi said on Tuesday it had bought a 26.2 percent stake in TV production and distribution company Banijay for 290 million euros in cash ($319.15 million).
It said Banijay Group has 900 million euros ($990.45 million) in revenues and owns “a powerful portfolio” of popular brands and formats.
“This investment is part of the group’s intention to develop itself into original content production,” Vivendi said in a statement.
Banijay Group’s main shareholder is LOV Group, the family holding company of French businessman Stephane Courbit, alongside Groupe Arnault, Exor, De Agostini and AMS Industries, it says on its website.
(Reporting by Maya Nikolaeva- editing by Michel Rose)
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