Third Point pushes Technicolor to sell licenses-report
PARIS, April 19
PARIS, April 19 (Reuters) - U.S.-based activist hedge fund Third Point, which holds 5.3 percent of France's Technicolor , is pushing the digital video specialist company to sell its licensing operation, Le Figaro reported on Thursday, citing unnamed sources.
The newspaper also said that management of Technicolor, which is trying to turn the group around after several years of poor performance, was looking for new investors.
"If Third Point wants to split the company, it has only to launch a takeover," a source close to Technicolor told the French newspaper.
Technicolor declined to comment on the report. Third Point could not immediately be reached for comment.
The licensing unit of Technicolor generated a earnings before interest tax depreciation and amortization of 346 million euros in 2011, the paper said.
Technicolor is looking to sell its French set top box factory by summer, CEO Frederic Rose told Reuters in April. (Reporting by Nina Sovich; Editing by Mark Potter)