There was no last minute twist: despite the opposition of several minority funds to the capital, Vivendi shareholders approved on December 9 by a very large majority (97.5%) the plan to split the group into 4 separate entities (Canal+, Havas, Louis Hachette Group and Vivendi SE). Canal+ will therefore debut on the London Stock Exchange on December 16. Valuation envisaged: 6.8 billion euros.
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London, a surprising choice
This choice of London, rather than Paris, may come as a surprise. But Vivendi justifies it by the increasingly international profile of the group. With the ongoing acquisition of the South African subscription television operator MultiChoice – for the sum of 2.7 billion euros – the group is preparing to double its number of subscribers worldwide and intends to walk on the heels of global entertainment giants, such as Disney or Netflix.
But for Mediapart, the motivations are completely different: “the London market, neglected by European groups since Brexit, is much less attractive. But it offers other advantages: very light stock market regulations for groups based outside Great Britain and which does not require them to launch a takeover bid, for example.” And to underline in passing a paradox: “Vincent Bolloré defends the national interest at antenna length, but when it comes to its interests, there is no more patriotism. He's going to London.”
READ ALSO: Non-renewal of C8, entry into the stock market, platformization… Why Canal+ announces its withdrawal from DTT, 40 years after its arrival on channel 4
Social plan and withdrawal of paid DTT
In addition, a few days before the Vivendi shareholder vote, Canal+ announced several decisions with serious consequences. Starting with a social plan concerning 250 positions – including 150 layoffs linked to the announced end of its C8 channel – and the withdrawal of its four pay channels from DTT (Canal+, Canal+ Cinéma, Canal+ Sport, Planète), from June 2025. In its press release, the group explains that it “continues to be subject to tax and regulatory decisions penalizing its operations in France”, before listing three: the increase in its tax paid to the CNC, the tax dispute on its VAT rates and the decision to withdraw C8's license by Arcom.
According to Le Figaro, the withdrawal of paid DTT would enable savings of the order of “around twenty million per year linked to the cost of broadcasting its four channels.” And this, while these licenses generated more constraints for Canal+ than revenue. “In the summer of 2022, 300,000 subscribers were still watching Canal+ pay channels via this reception mode. At the end of September, there were barely 70,000, less than 1% of French subscribers. In six months, when Canal+ leaves TNT, there will be even fewer. However, the allocation of frequencies, delivered free of charge by the regulatory authority, generates costs and entails obligations… They end up bringing in less and less…” also notes the daily.
ALSO READ: NRJ 12 asks Arcom to “reconsider its candidacy more than ever” after Canal+ decided to withdraw its pay channels from DTT
A second chance for Express TV and NRJ12?
This announcement already has an immediate effect: it marks the end of paid DTT, which has never managed to prove itself in France since its launch in 2006 – at the time with 11 channels. After the withdrawal of the Canal+ antennas, only ParisPremière will remain on pay DTT… Mechanically, this choice will free up four licenses, but it is unlikely that new players will apply for pay channels.
Will Arcom switch these four licenses to free? L'Express – unsuccessful candidate during the last call for tenders for free DTT – has already positioned itself on the subject, through Alain Weill, who quickly sent a letter to this effect to the president of Arcom , Roch-Olivier Maistre. “With the cessation of the broadcast of Canal+ on TNT, which uses advertising on its free-to-air channels, there is no difficulty or reservation in authorizing an additional free TNT channel,” he said. he argued, according to CBNews magazine. NRJ, which lost the NRJ12 license could also try its luck again: Jean-Paul Baudecroux's group invited Arcom to “reconsider the candidacy of NRJ 12 more than ever”while the context “has just been suddenly disrupted by the announcement of the withdrawal of several pay channels from DTT”.
ALSO READ: Alain Weill candidate for a TNT frequency with “L’Express”
