Vivendi Wants To Sell Part Of Interest Music Company Universal Music
Vivendi wants to Sell part of Interest Music company Universal Music. Media company Vivendi wants to divest part of its interest in music company Universal Music.
By selling up to a maximum of half of its shares in the world’s largest music company, the French company wants to free up money to buy back its shares and for acquisitions.
That’s what CEO Arnaud de Puyfontaine said on Monday.
An IPO for Universal is not an option because of the complexity. Vivendi prefers to do business with a strategic partner.
Universal has grown considerably in recent years due to the rise of streaming platforms for music, such as Spotify.
Sales must start in the autumn and probably will complete in within eighteen months.
Vivendi thinks of a minimum price but has not yet determined it. Analysts posted a price tag of 18 billion pounds earlier this month on Universal.
The planned share buy-back follows criticism from mocking shareholders led by investment company Elliott Management.
That accused Vivendi of having no regard for the interests of investors. The clash with Elliott resulted in a power struggle for Telecom Italia, with Vivendi pulling the longest.
Vivendi also came with half-year figures. Turnover rose by more than 18 percent in the past six months to a small 5.7 billion pounds.
Primarily due to approving exchange rates. The turnover of Universal was more than 2.3 billion pounds.
Net profit went up by almost 23 percent to 350 million pounds.