Vivendi on Course for Split: Supervisory Board Gives Green Light

The ambitions of the French media conglomerate Vivendi to split into three independent areas are taking concrete shape. The supervisory board, led by Yannick Bolloré and supported by CEO Arnaud de Puyfontaine, has approved the plan to separate the companies Canal+, Havas, and the Louis Hachette Group. The goal of the project, presented in December 2023, is to tackle the so-called conglomerate discount, which often results in a diversified company being worth less on the stock exchange than its individual firms. Now, a significant milestone is approaching: shareholders are to vote on December 9. Vivendi announced that the shares of the three independent entities could be traded for the first time on December 16, 2024, should the plan receive the green light from the shareholders' meeting. This could accelerate the repositioning of the companies in the market and give them individual flexibility for growth. Particular attention was given to the announcement of the leadership team for Canal+, which would steer the company's direction in the event of a spin-off. While Bolloré and Maxime Saada lead the top, Jacques du Puy and Anna Marsh complement the team as deputy CEOs. A surprise is the appointment of former Paramount CEO Bob Bakish to the board of Canal+, which promises exciting synergies. The strategic realignment envisages Canal+ being listed on the London Stock Exchange, Havas as a Dutch public company venturing onto Euronext Amsterdam, and the Louis Hachette Group on Euronext Growth in Paris. Vivendi itself remains listed on Euronext Paris, focusing on Gameloft and other investment projects, such as its stake in Universal Music Group.