Vivendi 1st Half Net Profit Fell; Considering Partial Sale of UMG
31 July 2018 - 2:46AM
Dow Jones News
By Anthony Shevlin
Vivendi SA (VIV.FR) said Monday that net profit in the first
half fell, and that it is considering a partial sale of Universal
Music Group (UMG.XX).
The French company said net profit for the period was 165
million euros ($192.3 million), down 6.3% on year. Adjusted net
income was EUR393 million.
Revenue for the first half was up 18% at EUR6.46 billion, the
company said.
Vivendi said it is in negotiations with Grupo Planeta to acquire
Editis, the second-largest French publishing group owned by the
Spanish company.
The enterprise value is considered to be EUR900 million, Vivendi
said.
Vivendi said it is considering selling up to 50% of Universal
Music Group, but has ruled out an initial public offer. The
transaction will "likely be launched this fall and could be
completed within the next 18 months," it said.
Vivendi said it is confident in its outlook for the second half
of 2018. It said its Havas business expects better organic growth
of net revenue in the second half due to major account wins in the
first half.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com
(END) Dow Jones Newswires
July 30, 2018 12:31 ET (16:31 GMT)
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