Vivendi, the Paris-based media multinational, confirmed an offer for the online video sharing platform Dailymotion on Tuesday, a day after a Hong Kong company blamed France's protectionist policies for its decision to abandon its bid.

A joint statement from Vivendi and Orange, Dailymotion's parent company, said the companies are entering exclusive negotiations for Vivendi to acquire 80 percent in the YouTube rival for 217 million euros ($235 million.)

Orange would retain a 20 percent stake in the company, the statement said.

Orange, the former France Telecom, has been looking for a buyer for Dailymotion since 2012, while the government—a partial stakeholder—itself has been intensely involved in the future of a company it considers an example of French entrepreneurship.

"An environment where policies appear to favor a French or European solution is discouraging for international business participation," the Hong Kong-based telecom company PCCW said Monday in a statement announcing it was leaving talks for Dailymotion.

France's government blocked Yahoo from buying the site two years ago, saying its ownership stake gave it the right to overrule a deal it described as unfair.