Vivendi 1Q Revenue Increased

   By Mauro Orru

Vivendi SA said Monday that its revenue increased year-on-year in the first quarter of 2020 on the back of sustained growth at its subsidiary Universal Music Group.

The French media group said revenue for the quarter rose to 3.87 billion euros ($4.21 billion) from EUR3.46 billion in the first quarter of 2019.

Universal Music Group contributed EUR1.77 billion in revenue for the quarter, up from EUR1.5 billion the previous first quarter.

Vivendi said the coronavirus pandemic had a limited impact on revenue for the quarter, although some businesses such as Havas Group, Editis and Vivendi Village experienced a decline in revenue in March and are expected to suffer in the second quarter due to the coronavirus.

However, Vivendi said it can't determine with certainty how long the effects of the pandemic would last and how it would affect revenues and annual results.

The announcement comes nearly three weeks after Vivendi completed the sale of a 10% stake in Universal Music Group for EUR3 billion to a consortium led by Chinese internet giant Tencent Holdings Ltd., adding that an initial public offering for Universal Music Group is planned for early 2023 at the latest.

Vivendi said it has a gross cash position of EUR4.8 billion as of March 31, with EUR3.9 billion in confirmed credit facilities.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

April 20, 2020 02:05 ET (06:05 GMT)

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