TF1, France's largest television group, yesterday agreed to sell its 9.9 per cent stake in Canal Plus, the pay-TV operator, to Vivendi for €744m ($1.1bn).
The sale brings in much-needed cash for TF1 which has had a difficult year, following a plunge in advertising revenues and the steady erosion of its audience share. TF1 is controlled by Bouygues, the construction and telecoms group.
