The French pay-TV giant announced on Wednesday that it will invest $300 million in a 26.1% stake in the Hong Kong-based OTT video service. Canal+ will have the option to make an additional payment to increase its stake to 51% under the agreement.
According to the partners, the agreement “will allow Canal + to take a major step in the development of Asia as the next engine of growth.”
Viu video service, launched in 2015 with sponsorship from Hong Kong telecom operator PCCW, offers ad-supported and subscription options in 16 markets across Asia, Middle East and Africa. According to the organization, it has more than 66 million monthly active users and 12 million paying members. It is believed that the majority of these users come from Asia.
Viu specializes in licensing and developing original Korean content, but the company also produces original content in Southeast Asian countries such as Thailand, Indonesia, and Malaysia. In 2022, the company reported revenue of over $250 million, indicating a 36% year-over-year increase.
“Canal + already has leading market positions in Europe and Africa,” said Maxime Saadeh, CEO of Canal+. “We are now excited to develop Asia as a new growth engine for the Group. Our investment in Viu is an important step toward that goal. »
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