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Renault Buys Stake in Media Company
Renault AG is acquiring a 40% stake in the Challenges Group—a French publisher of premium magazines about history, economics and science—in a bid to line up content for riders in autonomous vehicles.
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Renault AG is acquiring a 40% stake in the Challenges Group—a French publisher of premium magazines about history, economics and science—in a bid to line up content for riders in autonomous vehicles.
Renault says the deal will give it access to high-quality editorial material that can be delivered electronically. The two companies note that drivers in Europe currently are in their cars about two hours per day. That time that could be spent on other activities once vehicles become able to drive themselves.
The Challenges Group will continue to be headed by CEO Claude Perdriel, who will retain 60% ownership of the media giant. Partnering with Renault will enable the two companies to test innovative ways to develop and present free digital content to mobile readers.
The partners note the importance of finding new channels through which to reach readers who increasingly are shunning printed magazines and newspapers sold by newsstands.
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