Ladbrokes Embarks On Joint Venture With French Canal +
8th April, 2010
Ladbrokes is embarking on a joint venture with French TV giant Canal+, who is the biggest premium pay TV provider in France, in order to target French punters.
Ladbrokes’ first move into France is set to launch this year according to eGaming Review, however this is subject to the new egaming regulations which were approved by French members of parliament this week.
The venture will be managed by Ladbrokes managing director of remote betting and gaming John O’Reilly, who said: “Canal+ is a brand that is synonymous with sport in France. We believe that there is an opportunity to build a good business in France over time as the market and regulations develop.”
Canal + is a leading broadcaster and distributor of pay TV with revenues exceeding €4.5bn with 12.5million subscribers, 10.8million of which are in France alone. The company boasts former employees of Mangas Gaming, vice chairwoman Isabelle Parize and chief executive Nicolas Beraud, founder of Betclic.
The launch so far has an undetermined name but will reflect the association between canal + who will provide access to new media content, its branding and the experience of operating in French markets.
The venture will see each partner provide €2.25million worth of initial funding to JVco the simplified joint stock company who will operate the joint venture.
By Carol
