Canal+ is to relinquish all control over the Orange Cinéma Series channels while remaining a shareholder, according to local reports.
The competition authority ruled in July that Canal Plus should withdraw from the venture, in which it holds a 33.3% stake.
However, Orange expressed its opposition to a sale to the regulator and the latter decided to allow the Vivendi-owned pay TV operator to remain a shareholder while giving up all management control.
According to financial daily Les Echos, Canal+’s two representatives on the Orange Cinéma Series management board will be replaced by independent administrators and the Orange channels will no longer be obliged to devote a certain part of its acquisition budget to Canal+ content.
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20 June 2018 @ 12:15:00 UTC