French Senate wants 5% tax on TV or radio station buy-outs
Pascale Paoli-Lebailly ©RapidTVNews | 23-11-2011 Working on the 2012 finance law project, the French Senate has voted for a 5% tax on the sale of TV or radio stations. The amendment, if also passed by the French Deputy Assembly, would be operational retroactively to 1 January 2011.
"Since the launch of DTT, sales of channels by companies which had been granted free national licences by the French State have multiplied, sometimes with huge profits," explained left-wing Senator David Assouline, the man behind this amendment. He cited the example of the recent acquisition by Canal+ of a 60% stake in Bolloré’s channels Direct 8 and Direct Star. This share has been valued at €279m and has caused both channels current total value to rise €480m, according to Assouline.