French media group Lagardere confirmed “ongoing discussions with Vivendi” about the sale of its 20% stake in Canal+.
French press reports over the weekend said that a deal had been struck for Vivendi to buy Lagardere’s stake in the premium broadcaster.
Lagardere earlier this year filed a lawsuit against Vivendi accusing it of misappropriation of the profits from their Canal+ joint venture and claiming EUR1.6 billion.
According to the Nouvel Observateur magazine, Vivendi has now decided it would be easier to buy out Lagardere’s stake than settle the dispute.
French newspaper Les Echos reported late Sunday that Vivendi, which already owns 80% of Canal Plus France, agreed to buy Lagardere’s stake for close to EUR1 billion.