Orange in talks with PCCW to sell 49 per cent share of video site, Dailymotion
Orange, a French telecom company, is currently in negotiations with Hong Kong-based holding company, PCCW, who may purchase 49 per cent of French Youtube rival, DailyMotion, according to a report made by The Wall Street Journal.
The negotiations are set to last about 45 days. So far, it is rumored that PCCW has offered Orange $264.5m.
Previously, Orange attempted to sell 75 per cent of the company to Yahoo, but the French government stopped the transaction from occurring, stating that a French company may only sell up to 50 per cent of its shares to a foreign subsidy.
If finalized, the deal with PCCW could provide DailyMotion with the capital it needs for US expansion.