PARIS (Reuters) -French pay-TV company Canal + said on Tuesday that it was in exclusive negotiations to buy a 34% stake in UGC, one of the largest cinema chains in France, for an undisclosed amount.

Following the acquisition, Canal + will have an option to take full control of UGC from 2028, the statement said.

Canal + was spun off from French media group Vivendi in December and listed in London.