Canal+ Signs Historic $1 Billion Cinema Deal to Boost French & European Film Sector
Overview of the Canal+ Cinema Investment Agreement
July 27 (Reuters) - French broadcaster Canal+ said on Monday it has signed a five-year agreement to invest €980 million ($1.11 billion) in French and European cinema starting in 2028, its largest ever commitment to the industry it clashed with just weeks ago.
Key Details of the Agreement
Here are some details:
Scope and Channels Involved
• The deal, covering Canal+ and Cine+ OCS channels, has been signed with film industry bodies.
Subscriber Benefits and Film Access
• It will allow the company to offer its subscribers French, European and international films just six months after their theatrical release.
Unprecedented Nature of the Deal
• Given its scale, duration and the commitments it entails, this agreement between a broadcaster and the film industry is unprecedented, Canal+ said in a statement.
Industry Context and Recent Tensions
Backdrop of Industry Tensions
• The agreement comes against the backdrop of tensions between Canal+ and France's film community over the influence of largest shareholder Vincent Bollore, whose conservative media empire has drawn scrutiny from the cultural sector.
Petition and Industry Response
• In May, roughly 600 film professionals signed a petition criticising Bollore's growing influence, prompting the company to threaten to blacklist the signatories — a move that sent shockwaves through the industry. The critics accused Bollore of pushing far-right agenda through media holdings.
Statements and Broader Impact
Support for Cinema and Diversity
• The investment reaffirms support for "cinema, its power, creativity, and diversity", Canal+ CEO Maxime Saada said in the statement on Monday.
Canal+ Global Operations
• Canal+ operates in more than 70 countries with about 15,000 employees and over 40 million subscribers globally.
Currency Conversion
($1 = 0.8791 euros)
(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Shilpi Majumdar)
