PARIS-French conglomerate Vivendi SA (VIV.FR) said Tuesday it is considering potential deals to sell some of its stake in videogame unit Activision Blizzard (ATVI), as the conglomerate looks to sell off assets and refocus toward media assets.

After reporting a sharp decline in profit Tuesday, Vivendi's chief financial officer, Philippe Capron, said the company's board is considering "a variety of options" for Activision Blizzard.

The California-based videogame maker has a growing cash pile, and its management has long been interested in buying out some of Vivendi's roughly 60% stake, according to people familiar with the matter.

"The board continues to review a variety of different options, looking at ways to optimize the balance sheet," Mr. Capron told analysts who were asking him about the fate of Activision Blizzard on a conference call. "There is a process going at the board level," he added.

Meanwhile, Vivendi is also continuing to consider two binding offers for its African phone operator Maroc Telecom (IAM.CL), but Mr. Capron declined to offer any indication of when--or if--a deal could be sealed for the asset.

Vivendi's deal-making activity is part of a broader effort to concentrate the far-flung conglomerate on a narrower lineup of media assets that its chairman, Jean-Rene Fourtou, believes would be better valued on the stock market. In addition to Activision Blizzard, Vivendi's assets include French phone company SFR, Universal Music Group, and French pay-TV company Canal Plus.

As the company sells off assets and stakes, the company is likely to pay dividends, Mr. Capron said. But he added that the company, which in the last year closed purchases of TV channels and music businesses, could also pursue additional acquisitions in the future.

"In general, we intend to continue focusing on shareholder value," Mr. Capron said.

Overall, Vivendi posted first-quarter net income of EUR534 million, down 24% from a year earlier. The company's adjusted earnings before interest and taxes, a figure watched by analysts, came in at EUR1.34 billion, down 17% from EUR1.62 billion a year earlier, in large part because of SFR.

During the quarter, Vivendi was forced to keep slashing prices at SFR in the first quarter to hang onto customers in a brutal price war, which dates to the January 2012 launch of low-cost phone service from rival Iliad SA (ILD.FR). In the first quarter, SFR saw a 25% decline on-year in the unit's earnings before interest, taxes, depreciation and amortization to EUR702 million

Vivendi's overall revenue for the quarter slipped 1% to EUR7.05 billion, as rising revenue at the company's media businesses helped offset the declines.

The brightest spot in the first quarter has been Activision Blizzard, which saw revenue rise 12.2% to EUR1.00 billion, and adjusted EBIT rise 12% to EUR442 million.

Continued weakness at SFR is one of the main factors that have pushed Vivendi to consider selling assets. Last year, a profit warning at SFR pushed Vivendi's shares to nine-year lows, and rekindled shareholder discontent over the company's structure, in which the units have little to do with one another.

First up is the sale of Maroc Telecom. Both Qatar Telecom (QTEL.DO) and Emirates Telecommunications Corp. (ETISALAT.AD) submitted binding offers for the unit late last month. Vivendi could select a winner in coming days or weeks, but first must get the consent of the king of Morocco, who owns a blocking 30% stake, according to people familiar with the matter.

Last month, at Vivendi's annual meeting, Mr. Fourtou said the company would move forward with one or two asset sales before a potential public offering of SFR. People close to the company say potential structures of that could involve a spinoff of the media assets, or all non-SFR assets, once it has paid down debt to allow it to keep its current debt rating.

Sales haven't been easy. The company was forced to scrap its sale of Brazilian phone and TV operator GVT earlier this year when prices came in too low for its taste.

Before considering a buyback deal, Vivendi also tried to sell its roughly 60% stake in Activision Blizzard, but was unable to find a buyer, according to people familiar with the matter.

Write to Sam.Schechner@wsj.com

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