By Ruth Bender

PARIS--French conglomerate Vivendi (VIV.FR) said Tuesday that it needed more time to plot a strategy and decide what to do with its disparate collection of assets ranging from video games in the U.S. to pay TV in France, as it reported a sharp drop in full-year profit.

Vivendi repeated that its long-term goal was to focus on media operations and that it was continuing to search for buyers for its Brazilian telecoms arm GVT and its 53% stake in African phone operator Maroc Telecom.

But in the same breath, company Chief Executive Officer Jean-Francois Dubos denied speculation that he was considering selling SFR, the group's French telecoms arm and its largest unit by revenue.

"We must invent a new group," Mr. Dubos told reporters. "This will take time."

In addition to the telecoms units, the conglomerate's holdings include music giant Universal Music Group, videogame publisher Activision Blizzard, and French pay-TV company Canal Plus.

Investors have been waiting for Vivendi to clarify its plans since last summer, when CEO Jean-Bernard Levy resigned following disagreement with the board over the company's strategy.

At the time of his departure, Mr. Levy was defending keeping Vivendi's holding-company structure while a majority of the board wanted to look into radical options such as dismantling the conglomerate or splitting the company into separate telecoms and content entities.

Eight months later, however, the Vivendi management has yet to clearly say what assets it wants to keep and which ones are bound for sale.

Asked for an update on plans to sell GVT and the Maroc Telecom stake, Vivendi Chief Financial Officer Philippe Capron said: "We don't feel obliged to conclude if the price isn't right."

Some investors are growing impatient.

"If disposals disappoint, investor focus will switch back to weak earnings momentum," UBS analyst Polo Tang said.

Mr. Dubos said it was possible that the group will present some initial conclusions from its strategic review to shareholders at the group's annual meeting on April 30.

Vivendi said full-year net profit dropped 94% to EUR164 million in 2012, dragged down in part by SFR. The French telecoms unit has suffered as operators in the country are competing hard to win over consumers since newcomer Iliad SA launched a cut-rate mobile phone service just over a year ago.

A provision linked to an ongoing court case against Liberty Media Corp. and a writedown at Canal Plus France, mainly due to a hike in value-added-tax which will come into effect next year, also weighed on full-year net profit, the company said.

To cut costs, SFR has announced plans to shelve around 850 jobs, and is studying industrial partnerships or network sharing deals with other operators, Vivendi said.

Revenue rose 0.6% to EUR29 billion, as strong sales for "Call of Duty" and "Skylanders" video games at Vivendi's Activision Blizzard, as well as growth at Brazilian telecoms unit GVT and Universal Music Group, helped offset declines at SFR.

Write to Ruth Bender at ruth.bender@dowjones.com

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