Until now, the two had been discussing a possible move by Orange to buy a stake in Canal Plus, which is wholly-owned by media giant Vivendi, according to sources close to the matter.
"No, I don't want to buy Canal Plus," Richard said in an interview with BFM Business radio station on Thursday. "Orange and Canal Plus are important partners. Can we do more together? For sure, but on an industrial and commercial basis, not through a stake acquisition."
Richard's comments highlight the difficulties the former state monopoly has faced in a rapidly-changing sector, which faces new competition from Netflix, Amazon and other new TV content providers globally.
Orange's chief had said in December that Orange would consider bidding for Vivendi's pay-TV's arm if it came up for sale.