Media and content group Vivendi has purchased an 80 percent stake in aggregation and distribution platform Dailymotion from multinational telecommunications corporation Orange, shelling out 217 million euros — about $242 million — for the acquisition.
Vivendi, which counts Canal+ Group and Universal Music Group as its main subsidiaries, said that the acquisition of Dailymotion will give the company “access to particularly attractive music and audiovisual content.”
Vivendi added that its ownership of the YouTube rival will allow for the joint development of “original and distinctive content and formats” with Universal Music Group and Canal+ Group that will meet “the expectations of a whole new generation of digital consumers.”
“This acquisition is at the core of Vivendi’s digital strategy,” the company added in a press release announcing the acquisition. “With Dailymotion, the Group benefits from an over-the-top distribution platform of international stature and of a technological expertise which complements the Group’s existing one.