Canal+: French connection

French TV has made its latest - but not last - connection. In December, the country’s two pay-TV companies, Canal Plus and TPS, finally caught up with their European peers to form a single platform. Now media conglomerate Lagardere has joined the group too. In doing so, it completes the second part of what is supposed to be only a two stage deal, but one that has several stages still to come. The economics of the merger makes sense: cost cuts could reasonably see group margins double, say, to B...