Mediawan submits €270m bid for France's AB Groupe
Mediawan, the newly launched Europe-based media group, is in talks to acquire AB Groupe, the French media company, for €270 million ($289 million).
Mediawan revealed it had submitted a bid for the group in a statement released yesterday.
The deal would also mean that TF1, the French free-to-air commercial broadcaster, would sell its 33.5-per-cent stake in AB Groupe.
Matthiue Pigasse, one of Mediawan’s leading investors, said :"This is just the first step, we are going to make a big bang with other acquisitions in the coming weeks."
Pigasse said the company has plans to spend €1.5 billion on its forthcoming media acquisitions, which are expected to be announced before Mediawan’s shareholder meeting on 13 March.
Mediawan was launched by Pigasse and French entrepreneurs Xavier Niel, co-owner of French newspaper Le Monde, and Pierre-Antoine Capton in April last year and has ambitious plans to become the leading digital content creator and distributor in Europe.