Belgium's biggest production company is up for sale

Belgian telecommunications company Telenet plans to sell its stake in production company Caviar, the two companies announced on Thursday. Caviar is the country's largest production house, with a turnover of 190 million euros in 2024.

In Belgium, Caviar is best known for TV programmes such as Down The Road and Clan. It also produces films, series and commercials worldwide. In addition to its Brussels office, the production company has offices in Los Angeles, London, Paris and Amsterdam.

With the film Sound of Metal, Caviar became the first Belgian production company to be nominated for an Oscar for best film. Although it did not win in this category, it did win two Oscars for editing and sound. The production company's most recent film, War Pony, won the Camera d'Or at Cannes.

70 per cent stake

Telenet is the majority owner of Caviar, with 70 per cent of the shares. The company is working on installing a fibre-optic network across Flanders and requires an influx of cash. Following an internal financial review, management have decided to look for a buyer for the shares in Caviar, according to a press release.

The form of the sale will depend on the buyer, the companies said. Telenet could decide to sell part or all of its 70 per cent stake. "We are looking for a stable partner to help us build a leading European player from Flanders," Caviar founder Bart Hamelinck told De Tijd.

It is not known how much a buyer would pay for the shares. Telenet paid 14.5 million euros for 21 per cent of Caviar's shares in 2022 but the company has since grown significantly, thanks in part to acquisitions. Caviar aims to increase its annual turnover to 400-500 million euros in the next few years.

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