Vivendi has launched a €495 million bid to take full control of the Canal Plus Group.

In recent months the French media conglomerate has been refocusing its portfolio away from telecoms and towards television and music.

The company says such a move has been requested by a large number of its shareholders. Vivendi currently indirectly controls 48.5% of Canal’s share capital; its set an offer price of €7.60 per share. This values the entire operation at around €962 million.

Sales of businesses such as mobile operator SFR have helped swell Vivendi’s cash pile.

It remains in exclusive talks to purchase the French video steaming site Daily Motion.

First quarter revenues at Canal+ Group, published Tuesday, came in at €1,370 million, a 4% increase on 2014. An increase of 605,000 subscriptions were attributed to Canal+ in Africa and Vietnam, and Canalplay in mainland France.

Domestic pay-TV revenues in mainland France remain stable in what is a challenging economic environment, however continuing growth helped add another 13.9% to the international base when compared to the first quarter of 2014.

Canal+ Group’s EBITA was €165 million, compared to €175 million for the first quarter of 2014. Canal has been investing in sports content, Eurosport France is now an exclusive and rights have been secured to the National French Rugby Championship’s “TOP 14”.