French media and telecom conglomerate Vivendi’s pay-TV unit Canal+ Group has elevated its stake in Asian streamer Viu to 36.8 p.c, the corporate stated on Thursday.

“After satisfaction of key enterprise milestones, Canal+ Group has launched the final installment of its $300 million staggered funding,” it defined. “An extra funding, at Canal+ election, may lead to a rise of Canal+’s stake in Viu to 51 p.c.”

The corporate didn’t instantly define what can be wanted for it to make such a choice to go for a majority stake within the Hong Kong-based video streamer. Nevertheless it did spotlight its curiosity in Asia. “This funding is a renewed testimony to Canal+’s dedication to develop Asia as one of many group’s progress engines and underlines Canal+’s confidence in Viu and its staff.”

Canal+ first purchased into Viu, led by CEO Janice Lee, in a June 2023 deal with Hong Kong telecom powerhouse PCCW Group, taking a 26.1 p.c stake. As a part of that deal, Canal+ secured the choice of paying an extra sum to extend its stake to a 51 p.c majority. 

Launched in 2015 with backing from PCCW, Viu’s video service presents each promoting and subscription-supported choices in 16 territories in Asia, the Center East and South Africa. When it unveiled the Canal+ deal final yr, he firm stated it had greater than 66 million month-to-month energetic customers and 12 million paid subscribers, the majority of which is believed to be based mostly in Asia. Viu has specialised in licensing and producing authentic Korean content material, nevertheless it additionally creates authentic content material in Southeast Asian territories together with Thailand, Indonesia and Malaysia.  

Canal+ has 26.4 million subscribers worldwide, together with 17.1 million in Europe, 8.1 million in Africa and 1.2 million within the Asia-Pacific area. Past its funding in Viu, it’s also the most important shareholder in African pay-TV large MultiChoice and in Viaplay, the Scandinavian pay-TV and streaming firm. Earlier this yr, it additionally took a stake in main Senegalese manufacturing firm Marodi TV.