Two Canadian powers are collaborating to provide a truly one of a kind entertainment experience to the masses. Canadian telecom giant BCE’s media division is partnering with Quebec-based international entertainment giant Cirque to Soleil to produce and distribute the latter’s incredible acts.
The joint venture, which is yet to be named will see BCE (NYSE: BCE) contribute $15 million and will be considered a minority owner. The announcement, made Tuesday will see high quality programming be made available internationally as well as on a subscription basis for internet and television providers in Canada. Considering what BCE could make from this agreement, the $15 million is an absolute bargain.
The agreement, will also give the Canadian telco distribution rights to Cirque’s already existing portfolio of filmed performances as well as a share in all profits generated from new works that come from the two parties’ union. BCE will also own the distribution rights to all of the new content as well.
According to the FP, Cirque du Soleil has been looking to leverage a partner’s knowledge and clout to increase revenues from new programming for some time. The company has also expanded their entertainment streams to include feature films. December will see the release of a film known as Worlds Away, which will run under Paramount Pictures’ banner and produced by James Cameron.
The announcement comes as BCE’s recent bid for Astral Media Inc. is being mulled over by the CRTC and being opposed by competing firms (TQ was on it).
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