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French minister blocks Yahoo!-Dailymotion deal
May 2, 2013 07.32 Europe/London By Robert Briel
Yahoo! has had to give up its attempt to acquire a controlling stake in France Telecom’s video portal Dailymotion after the government intervened, according to local media reports.
According to the reports, French minister Arnaud Montebourg has blocked Yahoo! buying a majority stake in Dailymotion, stating he didn’t want the French company to be 75% owned by an American company.
In March the Wall Street Journal revealed that Yahoo! is looking to take a 75% stake in the French video portal. The transaction would value Dailymotion around $300 million (€231 million).
France Telecom’s Orange owns all of Dailymotion since January. The operator spent €66 million in 2011 to buy 49% and has exercised an option to purchase the remaining 51%, for a total of €127 million earlier this year.
Last mont, Stéphane Richard, CEO, Orange, said the operator wants to remain a shareholder in the video web portal, but is looking for a partner to boost its US viewing figures. A move that now seems to be blocked by the socialist government.
May 2, 2013 07.32 Europe/London By Robert Briel
Yahoo! has had to give up its attempt to acquire a controlling stake in France Telecom’s video portal Dailymotion after the government intervened, according to local media reports.
According to the reports, French minister Arnaud Montebourg has blocked Yahoo! buying a majority stake in Dailymotion, stating he didn’t want the French company to be 75% owned by an American company.
In March the Wall Street Journal revealed that Yahoo! is looking to take a 75% stake in the French video portal. The transaction would value Dailymotion around $300 million (€231 million).
France Telecom’s Orange owns all of Dailymotion since January. The operator spent €66 million in 2011 to buy 49% and has exercised an option to purchase the remaining 51%, for a total of €127 million earlier this year.
Last mont, Stéphane Richard, CEO, Orange, said the operator wants to remain a shareholder in the video web portal, but is looking for a partner to boost its US viewing figures. A move that now seems to be blocked by the socialist government.