MUMBAI: The Paris-headquartered media and telecommunication company Vivendi Universal is buying Television Par Satellite (TPS). The company will also combine its broadcast business with its French pay-TV business Canal Plus to create a company valued at 7.5 billion euros (US$9 billion).

Vivendi will own 85 per cent of the new company, while TPS owners Societe Television Francaise 1 and M6-Metropole Television will own 9.9 per cent and 5.1 per cent, respectively, the companies said in a media release.

The aim of this industry alliance is to develop a rich and competitive pay-TV product with strong brand names, for the benefit of consumers. The new group would be a major player on the French broadcasting market. It would reinvigorate and broaden the French pay-TV market, offering its subscribers and future subscribers a significantly richer and improved product the release adds.