Vivendi Acquires 10.6 Percent Stake in Lagardère

“This acquisition is a long-term financial investment reflecting Vivendi’s confidence in the future prospects of the French group, which enjoys international leadership positions in its businesses, and which, like many others, is experiencing difficult times at the moment,” a spokesperson for Vivendi said in a release.

According to

Variety

, Vivendi is stepping in during a crucial time for Lagardère, who is currently seeking allies to help take on the company’s leading shareholder, Amber Capital, which has a 16.42 percent stake in the company.

Lagardère, the parent company of Lagardère Studios, is comprised of 27 companies including Spanish banner Boomerang, which owns the rights to multiple U.S. animated shows.

Lagardère has been on the market for a while and reportedly is going for $216 million.