French broadcaster Canal+ is investing US$300 million in the Asian streamer Viu, buying a 26.1% stake in the platform in a bid to further expand beyond France.

Under the deal, Canal+ has the option to increase its stake in the streamer to 51%. Hong Kong-based telecom PCCW currently holds majority interest in Viu—a top streamer in Asia, the Middle East and South Africa, with more than 66 million monthly active users and 12 million paid subscribers, according to PCCW.

The platform offers AVOD and SVOD tiers, and carries original and acquired programming that includes animated series such as WildBrain’s Kate & Mim-Mim, Cyber Group’s Zou and Baby Shark videos from Pinkfong. Viu is primarily focused on ordering and acquiring live-action dramas aimed at teens and young adults from countries such as China, Thailand and Indonesia. The streamer posted more than US$250 million in revenue in 2022, a 36% increase from 2021.

Under the deal, Canal+ will collaborate with Viu on producing and financing content, distributing the streamer into new territories, and improving its user experience. The partnership allows Canal+ to rapidly enter the Asian market, where it is less well known than in Europe or Africa, said Canal+ Group CEO Maxime Saada (pictured).

Canal+ already has operations in Vietnam and the Middle East that it can leverage to create content and reach more viewers with Viu, added international CEO Jacques du Puy. For Viu, selling a stake in its business is a way to scale up, create more content and expand into new markets.

PCCW also runs general entertainment channel ViuTV, which has previously acquired kids shows such as Hasbro’s Transformers: EarthSpark, TV Pinguim’s Earth to Luna! and Belli Studio’s Boris & Rufus.