Telecommunications company Altice has paid an undisclosed sum for a 60% stake in Molotov, a France-based live television streaming service backed by broadcaster Sky, TechCrunch has reported.
Founded in 2015, Molotov provides a streaming app that enables viewers to rewind live TV, record content and catch up on shows they missed through streaming platforms such as Apple TV or Amazon Fire TV, smart televisions and mobile devices.
Molotov will remain independent following the deal and is not expected to be rolled into Altice’s existing offering. It will however look to expand internationally, starting in the US.
All of Molotov’s shareholders will retain a stake in business following Altice’s investment, with some putting extra money into the company, Molotov co-founder and CEO Jean-David Blanc told TechCrunch.
Molotov raised $5.1m from Sky in 2016, as part of a $23.3m series B round that included Idinvest Partners, TDF Ventures and unnamed additional backers and angel investors. It had previously received approximately $11m from Idinvest and several private investors the year before.