Vivendi’s Management Board has given an update on plans to split the company into three units.
The proposals were first made public last December amid concern that following the listing of Universal Music Group in 2021 the valuation of the French media giant was suffering.
Vivendi initiated a feasibility study of a split project where Canal+, Havas and a company grouping the assets in publishing and distribution would become independent entities listed on the stock market.
In a statement, Vivendi said listing Canal+ on the London Stock Exchange would reflect the company’s international dimension, particularly as part of the ongoing combination with MultiChoice. Two-thirds of the company’s subscribers are now outside of France and its distribution business reaches all continents.
Canal+ would remain a company incorporated and taxed in France. There is also the possibility of a secondary listing on the Johannesburg stock market, depending on the success of its public tender offer for MultiChoice.
Havas, with the majority of its activities being carried out internationally, would be listed as a Dutch public limited liability company (NV) on the Euronext Amsterdam stock exchange, where Universal Music Group has already been listed.
A newly named company, Louis Hachette Group, would bring together the assets owned by Vivendi in publishing and distribution, and be listed on Euronext Paris.
Vivendi plans to remain a leading player within the creative and entertainment industries, also listed on Euronext Paris. Vivendi would continue to develop Gameloft and actively manage a portfolio of investments, among them Universal Music Group. It would also provide a number of services to the three companies.
Tax issues are still being explored and the company would need a two-thirds shareholder majority in order to proceed with the plan.
