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Entertainment

Vivendi Eyes Canal+ Stock Listing in London as Part of Split Into Four

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Vivendi will pursue a inventory market itemizing for its Canal+ Group pay-TV unit in London, the French telecom and media big mentioned on Monday in an replace about its examine to separate into 4 corporations.

“Canal+ can be listed on the London Inventory Alternate to mirror the corporate’s worldwide
dimension, notably as a part of the continued mixture with [South African pay-TV giant MultiChoice],” the corporate mentioned. “With near two-thirds of its subscribers outdoors of France, a movie and TV collection distribution community current on all continents, and progress drivers ensuing from its latest developments on the African, European, and Asia-Pacific markets, a London-based itemizing would signify a sexy resolution for worldwide buyers prone to have an interest within the group.”

Nevertheless, Vivendi additionally emphasised that Canal+ “would stay an organization included and taxed in France and wouldn’t be topic to obligatory inventory market laws on public gives in both the UK or France.” As well as, relying on the success of its public tender supply for MultiChoice, Canal+ “might be topic to a secondary itemizing on the Johannesburg inventory market,” Vivendi famous.

In the meantime, Vivendi’s promoting enterprise Havas can be listed in Amsterdam on the Euronext Amsterdam market, whereas its publishing enterprise consisting of Lagardère, wherein it owns a majority stake, and Prisma Media can be listed on the Euronext Progress change in Paris. Canal+ and Havas would have nearly zero web debt, the corporate additionally famous on Monday.

Progress at acquired writer Lagardère, in addition to Canal+ and Havas helped drive first-quarter income on the French media and telecommunications conglomerate, which is led by chairman Yannick Bolloré and CEO Arnaud de Puyfontaine. “Vivendi has endured a considerably excessive conglomerate low cost, considerably decreasing its valuation and thereby limiting its means to hold out exterior progress transactions for its subsidiaries,” the agency mentioned earlier within the 12 months in explaining the plan for a break up.

The remainder of Vivendi would proceed to function and be listed on the Euronext Paris market. “Vivendi would proceed to develop and remodel Gameloft and actively handle a portfolio of investments (foremost amongst them being Common Music Group) in sectors completely acquainted to its groups for a few years, whereas having the means and ambition to provoke new investments in associated actions,” the corporate mentioned on Monday. “Vivendi would additionally retain the minority curiosity it may purchase in Lagardère SA via the train of the switch rights issued as a part of the 2022 public tender supply, which stay exercisable till June 15, 2025. Vivendi would additionally present a sure variety of providers to the three listed corporations ensuing from the break up.”

Entertainment

Vivendi Q1 Revenue Growth, Eyes Split Into Four Stocks

Development at acquired writer Lagardere, pay-TV unit Canal+ Group, and promoting large Havas helped drive first-quarter income at French media and telecommunications conglomerate Vivendi, which can be shifting forward with learning a potential break up into 4 separate corporations.

Vivendi posted quarterly income of €4.28 billion ($4.59 billion) on Monday, a rise of 5.4 p.c over the year-ago interval when utilizing fixed currencies and specializing in the companies that the corporate owns now. The corporate, led by chairman Yannick Bolloré and CEO Arnaud de Puyfontaine, didn’t disclose its earnings earlier than curiosity, taxes and amortization (EBITA) on Monday.

Administration touted sturdy development of its core items, which has inspired it to think about a break up of the corporate since late final yr. “For the reason that distribution and itemizing of Common Music Group in 2021, Vivendi has endured a considerably excessive conglomerate low cost, considerably decreasing its valuation and thereby
limiting its potential to hold out exterior development transactions for its subsidiaries,” Vivendi stated on Monday. “Nonetheless, corporations like Canal+ Group, Havas and Lagardère are at present experiencing sturdy development in a global context marked by quite a few funding alternatives. With a view to absolutely unleash the event potential of all its actions, the administration board of Vivendi proposed to the supervisory board on Dec. 13, 2023, the potential of exploring the feasibility of a challenge to separate the corporate into a number of entities, every of which might be listed on the inventory market.”

This research is ongoing, with one thought in focus being a break up that might see Canal+, Havas, and Lagardere plus different publishing and distribution property change into three unbiased companies listed on the inventory market. “As soon as separated from these three entities, Vivendi would stay as is, publicly listed, sustaining its position of supporting the transformation and enlargement of its subsidiaries and persevering with to actively handle its investments,” the corporate stated on Monday.

Canal+ Group, which additionally homes movie manufacturing and distribution arm StudioCanal, recorded first-quarter income of €1.54 billion, up 4.3 p.c, or 2.6 p.c when assuming fixed foreign money charges and enterprise portfolios.

Vivendi’s gaming agency Gameloft posted quarterly income of €68 million, down 3.4 p.c in comparison with the primary quarter of 2023, or down 2.9 p.c assuming fixed currencies and property.