Vivendi SE, a global media conglomerate, announced plans to split its business into four companies and list them on exchanges in order to unlock shareholder value. The companies to be created include Canal+ Group, Havas, Vivendi’s interest in Lagardère with Prisma Media, and an Investment company. The goal is to ensure that each entity can independently pursue its growth objectives with the necessary personnel and financial flexibility.
The reorganization plan is subject to approval from the Supervisory Board, consultation with employees and representative bodies, approval from creditors and regulatory authorities, and ultimately approval from Vivendi’s shareholders at the annual general meeting scheduled for April 2025. The transaction is expected to take 12 to 18 months to complete, and Vivendi will need to restructure debt and secure financing to ensure sufficient liquidity for the separation.
Vivendi’s decision to split its business comes after experiencing a conglomerate discount following the distribution and listing of Universal Music Group in 2021. Management believes that this discount is unwarranted given the growth opportunities in companies like Canal+ Group, Havas, and Lagardère. The proposed split aims to unlock the full development potential of Vivendi’s activities and enhance shareholder value.
In addition to the planned split, Vivendi also completed a merger with Lagardère Group, fulfilling commitments to sell Editis’ share capital and Gala magazine to receive approval from the European Commission. The company is taking significant steps to streamline its operations and focus on the growth potential of its core businesses.
Vivendi SE, founded in 1853 and headquartered in Paris, France, operates across Europe, the U.S., Asia, and Africa in the entertainment, media, and communication sectors. Subsidiaries include Canal+ Group, Lagardère, Havas, Prisma Media, Gameloft, Vivendi Village, New Initiatives, and Generosity and Solidarity. Canal+ Group is a major player in the European television industry, while Havas is a leading international advertising and communications firm.
The publishing and distribution company to be created through the split will manage Lagardère and Prisma Media, focusing on book publishing and magazine publishing, respectively. The investment company will hold interests in various culture, media, and entertainment companies, listed and unlisted, as part of a strategy to diversify its investment portfolio. Overall, Vivendi’s reorganization plan aims to unlock shareholder value, facilitate growth opportunities, and support the strategic objectives of its subsidiaries in an evolving international environment.
