SFR parent Altice Europe entered exclusive talks to acquire a majority stake in French content platform Molotov for an undisclosed fee.
In a joint press release, the companies said a deal would help fund accelerated development of Molotov’s service with the ultimate aim of it becoming a “major player in OTT in France and abroad”.
It will also allow Altice Europe to widen the scope of services offered to its SFR mobile base and customers of its French broadcasting business RMC.
Under the proposal, Altice Europe will take a majority stake in Molotov with existing shareholders retaining a minority share. Post-acquisition Molotov will remain a standalone brand.
Molotov founder and CEO Jean David Blanc said the agreement with Altice would enable the company “to become the Spotify of TV in France and abroad.”
Altice Europe CEO Alain Weill added the acquisition was part of a wider plan for his company to become a major digital company.
Molotov’s app is available across smartphones, tablets and smart TVs throughout the European Union. It supplies primarily French-language content.
As of 18 December the platform had 7 million users, with 3 million of these added since the start of 2018.Subscribe to our daily newsletter