CanalWeb.net Raises about 20 Million Euro

CanalWeb.net (http://www.canalweb.net), a European Internet streaming network, has completed its second round of financing, raising about 20 M Euro (130 M French Francs), doubling the amount announced last January. CanalWeb wanted to raise 11 million Euro and sign with two or three new investors.

Of the current capital increase, 7.6 million Euro is held by the founding shareholders (Pierre Bergé, Oléron Participations, Galiléo, Dominique Louis, Groupe Sud-Ouest), and 12.2 million Euro by 4 new shareholders: Deminds/NeSBIC (The Netherlands), Paribas Industrial Affairs (France), Bank Vontobel (Switzerland), Apollo Invest (France).

CanalWeb will also take advantage of this occasion to distribute stock options to all CanalWeb personnel.

"As we announced last January, the current capital increase was meant for international shareholders. They will accelerate CanalWeb's European development and create the best conditions to prepare our IPO." adds Jean-Francis Bretelle, who whishes to take its time to prepare CanalWeb's IPO.

"We're not rushed to enter the market. CanalWeb is not put off by current stock exchange fluctuations as we are interested in the long term. With the Internet, we are taking part in a major revolution of the audio-visual industry. We believe that Internet will give a great boost to the development of themed and specialized television", explains Jacques Rosselin, Chairman of CanalWeb.

This new financial resource will allow CanalWeb to develop its network of themed and specialized channels, to develop its broadband distribution platform and to open further European studios, the first of which (in addition to the studios already operating in Paris) is planned to open this summer in Barcelona (Spain). Studios in Germany and the UK are currently planned.