.png)
2 hours ago
3
In this photo illustration, the French premium television channel, studio and distributor, Canal+ (plus) logo is seen displayed on a smartphone.
Sopa Images | Lightrocket | Getty Images
Shares in French broadcaster Canal+ fell over 13% following their London stock market debut Monday.
Media holding company Vivendi's shareholders agreed to spin off Canal+ — a pay TV and production company known for its live sports broadcasting and Studiocanal, which makes the Paddington film franchise — last week.
Shares were trading around 252 British pence ($3.19) at 9:13 a.m. London time, down 13.1% from the open.
Havas and Louis Hachette Group are also being spun off from the Paris-headquartered media conglomerate and will be listed separately.
"We are delighted with the very high adoption rate of our spin-off project. This undisputable result confirms the strong support of our shareholders for this transformative transaction," Yannick Bolloré, chair of Vivendi's board, said in a statement last week after the plan was approved, with over 97% of votes in favor.
This is a developing story and will be updated shortly.
