March 19, 2010
-- Lagardere has announced yesterday the sale of the French TV channel Virgin 17 to Ballore media for €70 million. According to Didier Quillot, CEO of Lagardere, the price was calculated based on audience share of the channel, which does not exceed 0.9%. Given the channel losses that have amounted to €10 million in 2009 and have accumulated some €30 million since 2005, Lagardere group is doing well but without achieving its desired targets.
Ballore, which already owns Direct 8, is expected to consolidate its position in the DTT market with the Virgin 17 transaction according to the French paper, Le Figaro.
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