Vivendi now mulling ‘partial split’

Source: Vivendi

Vivendi is now considering an amended plan to split the company into its different operating entities, with Vivendi as a parent company remaining publicly listed.

Under the new plan being considered, described by the company as a ‘partial split’, Canal+ Group, Havas, and the company grouping the assets in publishing and distribution would become independent entities listed on the stock market. Once separated from these three entities, Vivendi would remain as is, publicly listed, maintaining its role of supporting the transformation and expansion of its subsidiaries and continuing to actively manage its investments.

The latest iteration of the plan is significantly different from that outlined by the company in January. Under that plan, the company was looking at dividing into four listed entities – pay TV outfit Canal+, advertising giant Havas, a new company grouping publishing and distribution assets, and a fourth investment company  owning listed and unlisted financial stakes in the cultural, media and entertainment sectors.

The latest update on the split comes as Vivendi reported like for like revenue growth of 5.4% for Q1, with Lagardère up 8.9%, Canal+ up 26% and Havas up 3.4%.

Vivendi’s actual revenues of €4.275 billion were 86.6% up thanks to the consolidation of Lagardère.

For Canal+, revenues from TV operations in mainland France increased by 5.1% compared to the first quarter of 2023 (up 3.5% at constant currency), driven by the growth in subscriber base and ARPU.

Revenues from international operations increased by 5.8% year-on-year (up 4.1% at constant currency), due to continued growth in the subscriber base, particularly in Africa.

Studiocanal’s revenues declined compared to the first quarter of 2023, which had benefited from a strong theatrical release schedule, including Alibi.com 2 in France and John Wick 4 in Australia and New Zealand. Significant film releases are expected later in 2024.

The first quarter saw Canal+ increase its stakes in Nordic streamer Viaplay and Asian streamer Viu, as well as bid for 100% control of South Africa’s MultiChoice in a potentially transformative transaction.