Vivendi Looks at Sale of Further 10% Stake in Universal Music Amid Listing Plan
By Cecilia Butini
Vivendi SE said Tuesday that it is considering selling a further
10% stake in Universal Music Group NV and plans a new governance
structure for the music giant ahead of its spinoff and listing on
the Euronext Amsterdam in September.
France's Vivendi said it is analyzing the possibility to sell
10% of Universal Music Group's shares to an American investor, or
to initiate a public offering of at least 5% and up to 10% of
The company said it would propose a board of directors for
Universal Music Group comprised primarily of nonexecutive members,
most of whom will be independent. Vivendi won't be represented on
the board, and board members' term in office will be limited to two
business years, said Vivendi.
Vivendi also posted results for the first quarter, with earnings
and revenue rising on year.
Earnings before interest and taxes grew to 322 million euros
($391.3 million) from EUR248 million the year prior, on revenue
which rose to EUR1.81 billion from EUR1.77 billion the previous
year. Earnings attributable to shareowners came in at EUR135
million for the quarter, up from EUR89 million the year prior.
Write to Cecilia Butini at email@example.com
(END) Dow Jones Newswires
May 18, 2021 02:16 ET (06:16 GMT)
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