Vivendi bids $275 million indicative offer for Dailymotion

PARIS: Vivendi had made a 250 million euro ($275 million) indicative offer for most of Dailymotion.

French media group Vivendi on Tuesday confirmed it had submitted an offer regarding Dailymotion, the video-sharing website owned by French telecoms group Orange.

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The source had said that Orange’s board would meet on Tuesday to discuss Vivendi’s proposal.

Separately German media group Axel Springer on Tuesday denied a report in Les Echos.fr that it was also in the running for Dailymotion.

Orange has been looking for a partner for over a year to help Dailymotion expand internationally to try to compete with much larger rival Google’s YouTube

Vivendi’s proposal comes after Hong Kong conglomerate PCCW said it had ended talks to form an alliance with Dailymotion, citing the French government’s desire to see the video-sharing site remain in European hands.

By 1210 GMT, Vivendi shares were up 1.18 percent and Orange shares were up 1.06 percent.