LVMH INVESTS IN VIDEONET
PARIS — Diversification continues.
LVMH Monday said that its Desfosses International media division was acquiring a 20 percent stake in Video Networks Ltd., known as VideoNet, for $32.4 million, or 20 million pounds.
VideoNet, based in London, has developed a service to provide video on demand and high-speed Internet access, thanks to new Asymmetric Digital Subscriber Line (ADSL) technology. Subscribers to VideoNet will be able to access a wide range of online films through a set-top box. The company was founded in 1992.
“ADSL will soon be a leading means of data communication and delivery across Europe,” said Fabrice Larue, president of Desfosses, in a statement. “As a media organization, we have long recognized that new technologies will play a major role in our future development.”