Pay television channel Canal Plus has bought a 60% majority holding in YouTube French comedy channel network Studio Bagel at an undisclose rate. The stake buy was done to gain traction over competitors in France, according to Variety.
Canal Plus Chief Executive Officer Rodolphe Belmer said of the deal: "We are proud to accompany the development of Studio Bagel, one of the most creative start-ups in France. With Studio Bagel, Canal Plus Group is stepping up its already strong presence among millions of YouTube users. This deal will also help us boost our well-known ability to detect and groom new talents."
Under the terms of the said deal, Studio Bagel founder Lorenzo Benedetti will still be operating the company under the new web and mobile division called Canal Plus OTT, Variety reported.
Join the Conversation