Paddington won’t be ‘Americanised’ says owner of film franchise
Paddington will not be Americanised for US audiences, the boss of the firm behind the film franchise has pledged.
“This is the most British bear… it has appealed to a lot of people because it is authentic,” said Canal+ chief executive Maxime Saada.
The news comes as the the French streaming company, which owns the film rights to the iconic British bear, began trading on the London Stock Exchange on Monday.
Chancellor Rachel Reeves has described it as a “vote of confidence” in the London market, which has struggled to attract new business in recent years.
Canal+ is being spun off from the Vivendi media stable, and is reported to be planning further global expansion from its new London base.
Mr Saada told the BBC that Canal+ got “some feedback from American companies that Paddington the bear is not American enough.”
“To maximise the Paddington box office, we could have made an American movie.”
But, he says the British bear’s heritage will be preserved.
“This is really our most prized intellectual property…we are very careful about being very close to its roots and authentic.”
Canal+ is behind streaming hits such as Versailles and its subsidiary StudioCanal owns the rights to an array of movies including Total Recall, the Shaun the Sheep and Bridget Jones franchises, and more recently the Amy Winehouse biopic, Back to Black, as well as the three films featuring the marmalade-munching bear.
The company operates in 50 countries and has 27 million subscribers, two thirds of which are outside of France.
The latest Paddington film, released last month, shows the bear and his adopted British family returning to his roots in Peru amid a trail of mishaps.
Canal+’s London listing comes after years of concerns over the exchange’s lacklustre performance, with firms such as the construction group Ashstead and chipmaker Arm leaving to list overseas. Others have opted to go private.
The London Stock Exchange is set for its worst year for departures since the 2008 Financial crisis.
Some 88 companies have delisted or transferred their primary listing from London’s main marker, with only 18 taking their place. This marks the away the biggest net outflow since 2009.
Economists say a thriving stock market is important for boosting the economy because it helps businesses raise money by allowing them to sell shares.
This gives companies the funds they need to borrow and invest in new projects, create jobs, and expand, which in turn drives economic growth.
The Chinese fast fashion giant Shein is also planning to list on the London Stock Exchange in 2025.
Mr Saada has said the new flexibility in rules for LSE and the UK’s strong creative industry played a role persuading him to choose London.
“We have suddenly aroused a lot of curiosity from American investors, from British investors, from investors all over the world and we don’t think this could have happened by listing anywhere else in the European territory.”
“We have a long history of working with the creative industries here in the UK and that’s also very important to us.”
The flotation is expected to value the firm at up to €6bn (£4.99bn).
Two of Vivendi’s other subsidiaries are also being floated: advertising and communications firm, Havas, will list in Amsterdam and French publisher Louis Hachette in Paris.
But, the Canal+ headquarters will remain in Paris, and the company’s tax will still being paid in France.
The entertainment company released Paddington 3 last month and the film made £9.65 million ($12.4 million) over three days in the UK and Ireland box office.
Mr Saada says Paddington 4 is “certainly not coming tomorrow” but confirmed that the company is working on a follow up and an animated series.
