PARIS (Reuters) -Billionaire Rodolphe Saade's family holding Merit France has acquired a 20% stake in French cinema chain Pathe for an undisclosed amount, privately owned Pathe said on Monday. WHY
Saade's Holding Company Acquires Stake in Pathe Cinemas
PARIS (Reuters) -Billionaire Rodolphe Saade's family holding Merit France has acquired a 20% stake in French cinema chain Pathe for an undisclosed amount, privately owned Pathe said on Monday.
WHY IT'S IMPORTANT
Saade and his shipping company CMA CGM have already become leading players in the French media landscape in recent years, buying up several newspapers as well as Altice Media, which owns 24-hour news channel BFM TV.
The investment in Pathe builds on the family's interests in media and culture.
CONTEXT
Pathe, owned by French businessman Jerome Seydoux, is one of the world's oldest film companies, and is a leading producer as well as movie theatre operator in Europe and Africa.
The investment will help Pathe accelerate its development in producing films and series with an international reach, and to modernise its movie theatres, the statement said.
KEY QUOTE
"We are committed to contributing to the development of the sector and promoting French film culture around the world," said Rodolphe Saade.
(Reporting by Dominique Patton; Editing by Kirsten Donovan)
