Vivendi Shareholders Back Bylaws Changes for Universal Music Spinoff

   By Mauro Orru

Vivendi SE said Monday that shareholders have backed changes to its bylaws as the company plans to spin off its music business Universal Music Group and list it in the Netherlands later this year.

The French media giant said the approved changes enable it to distribute dividends, interim dividends, reserves, or premiums by way of the delivery of assets in kind, including financial securities.

The announcement comes just over a month after the conglomerate steered by French billionaire Vincent Bollore said it would hand 60% of Universal Music to shareholders in a special distribution at a minimum target of 30 billion euros ($35.39 billion) for the company's enterprise value.

The spinoff is due to materialize at a rosy time for record labels, as streaming services have benefited from consumers spending more time listening to music amid the coronavirus pandemic.

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

(END) Dow Jones Newswires

March 29, 2021 09:48 ET (13:48 GMT)

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