Dec 14, 2023 - Business

French media giant Vivendi weighs a breakup

Dan Primack

Illustration of a television with the French flag on its screen. — Illustration: Shoshana Gordon/Axios

French media and entertainment group Vivendi said that it's weighing a split into three separate businesses.

Why it matters: This would be a strategic reversal for the conglomerate, which has been seeking to tighten bonds between businesses that remained after Vivendi spun off Universal Music Group via IPO in 2021.

It also comes less than a month after Vivendi completed its purchase of publisher Lagardère.

Details: The three new companies would be pay TV platform Canal+, advertising unit Havas, and a third entity that would hold Lagardère and other listed and unlisted assets.

Canal+ would be the largest of the trio, having generated around €515 million in EBITDA last year on €5.9 billion in revenue.
Vivendi shares rose around 9% on the announcement.

The bottom line: The bet is that Vivendi's parts may be worth more than its whole.

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French media giant Vivendi weighs a breakup

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