Océinde Sells Antenne Réunion Télévision
Paul Hastings advised the Reunion Island-based industrial group Océinde on the sale of its majority stake in Antenne Réunion Télévision (ART) to the Cirano group. Nassir Goulamaly, president of Océinde, however, remains chairman of the board of Antenne Réunion, which he acquired in 2016.
The French Audiovisual Council had previously given its approval to the operation.
Antenne Réunion Télévision is a leading media group in the Reunion Island. The group has also developed a large number of related activities: digital, distribution (home shopping), mobile operator.
The new majority shareholder, the Reunionese multimedia group Cirano, controls various radio channels such as NRJ Reunion, Exo FM and RTL, as well as Studec (Indian Ocean media school) as well as an advertising agency.
The complementary nature of the two groups will thus enable the creation of a new multidisciplinary media player in Overseas France capable of overcoming the crisis and competing with the GAFAMs.