Hong Kong-based PCCW reached a deal to sell a stake in its OTT video streaming service Viu to French broadcaster Canal+ for $200 million, as part of a wider strategic partnership to drive growth.
In a statement, PCCW explained Canal+ will acquire a 26.1 per cent stake in its OTT platform in an initial investment.
Canal+ can invest an additional $100 million if certain conditions are met and in future has the option to increase its stake to 51 per cent.
PCCW noted the partnership will drive Viu’s growth by tapping the broadcaster’s global reach and expertise, with the potential to boost Canal+’s footprint in Asia. Possible initiatives include collaboration on premium production and content creation.
Canal+ group CEO Maxime Saada said it is looking to develop Asia as an additional growth engine. “Our investment in Viu is a major step towards achieving this goal.”
Susanna Hui, PCCW acting group MD and CFO, added after gaining scale for its streaming service, it is “the right time to introduce a strategic partner” to further its global expansion and growth.
Viu closed 2022 with some 66 million monthly active users and 12 million paid subscribers across Asia, the Middle East and South Africa.