In this photo illustration, the French premium television channel, studio and distributor Canal+ (plus sign) logo is displayed on a smartphone.
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Shares in French broadcaster Canal+ fell more than 13% after its debut on the London stock market on Monday.
media holding company living Shareholders last week agreed to separate Canal+, a pay-TV and production company best known for live sports, and Studiocanal, which produces the “Paddington” film series.
The shares were trading at about 252 pence ($3.19) as of 9:13 a.m. London time, down 13.1% from the open.
Meanwhile, shares of Paris-listed Vivendi rose 33.3% as of 09:28 a.m. London time.
“Vivendi is suffering a group discount. So when you look at Vivendi’s value, it’s less than €10 billion ($10.52 billion) and the sum of the parts estimates are much greater than that. So to unlock that “We evaluated the value potential of these assets and therefore made the split,” Canal+ CEO Maxime Saada told CNBC’s “Squawk Box Europe” on Monday. “
“(Canal+) was once a France-centric company with around 9 million subscribers, and in just 10 years we have tripled our subscriber base. Now two-thirds of our subscriber base is based outside France. Africa is in Eastern Europe, Asia and of course France,” Sada added.
Havas Group and Louis Hachette Group will also be spun off from the Paris-based media group and listed separately.
Yannick Bolloré, chairman of Vivendi’s board of directors, said in a statement last week following the launch of the plan: “We are pleased with the very high uptake of the spin-off project. This indisputable result confirms our shareholders have given strong support to this transformative transaction.
This is a developing story and will be updated soon.
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