Renault to Acquire Stake in Media Group as It Plans for Driverless Future
By Max Bernhard
Renault plans to acquire a 40% stake in the Challenges Group, a French media group, the car maker said Wednesday.
The French manufacturer will buy part of the stake through a capital increase, it said.
"With the development of the connected driverless vehicle, users will have more time to spend on other activities while in the car," Renault said, adding that it wants to provide content from the media group to users of autonomous vehicles.
Claude Perdriel will remain a majority shareholder of Challenges Group, with 60% of shares and will be the chief executive of the new group, Renault said.
The Challenges Group publishes five magazines: Challenges, Sciences & Avenir, La Recherche, L'Histoire and Historia.
"This project is totally in line with Groupe Renault's strategy, which aims to offer new, high-quality connected services and to improve the customer experience," said Carlos Ghosn, Renault chief executive.
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(END) Dow Jones Newswires
December 13, 2017 08:02 ET (13:02 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.