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France’s Canal+ has taken a significant stake in regional streamer Viu.
Canal+ is making a staggered investment of $300m in Viu, which has a presence in Asia, the Middle East, and South Africa and is backed by Hong Kong-based PCCW.
The deal sees Canal+ make an initial investment of $200m for a 26.1% stake in Viu. In addition to the $300m, a further investment option could see Canal+ lift its stake in Viu to 51%.
Viu has 12 million paid subscribers and offers advertising video on demand (AVoD) and subscription video on demand (SVoD) tiers and a range of Viu Originals in key markets.
In 2022, Viu recorded over $250m in revenue, a growth of 36% year over year.
Maxime Saada, Canal+ Group CEO, said: “Canal+ already has leading market positions in Europe and Africa. We are now looking forward to developing Asia as an additional growth engine for the group. Our investment in Viu is a major step towards achieving this goal. Viu is already a business with scale, with its hybrid AVoD and SVoD business model and focus on local content, it has all the ingredients to deliver superior growth and continue to be a leading service in the region and beyond.”
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