By June 1998, implementation of the finalised agreement had commenced. The majority of Thomson-CSF's capital was transferred into private ownership. The French State reduced its holding in the company from 58% to 40%. At the time, Thomson-CSF's principal private shareholders were Alcatel and Dassault Industries. The division of the company's consumer electronics and defence businesses prior to privatisation brought about the creation of "Thomson Multimedia", which was a distinct entity from Thomson-CSF. The independently-operating Thomson Multimedia has since been restructured and trades as Technicolor SA.