July 28, 2021
By Mathieu Rosemain
PARIS (Reuters) -French media group Vivendi said on Wednesday first-half core operating profit jumped by 49% from a year earlier, driven by its Universal Music Group unit and pay-TV business Canal Plus.
The Paris-based company plans to spin off Universal, its most prized asset and home to artists such as Lady Gaga and Taylor Swift, via the distribution of 60% of the division’s shares to Vivendi shareholders and a listing in Amsterdam in September.
The company and its top investor Vincent Bollore aim to cash in on the rebound of the music record industry, underpinned by a boom of streaming revenues brought by music platforms such as market leader Spotify.
The transaction and Universal’s market debut are scheduled for Sept. 21, Vivendi confirmed. Universal will hold a capital markets day of briefings for analysts and investors on Aug. 25, it said.
The Paris-based group’s earnings before interest, tax and amortisation (EBITA) rose to 1.07 billion euros ($1.3 billion), with Universal delivering three quarters of that total after a 38% increase from a year earlier.
Canal Plus core profit after restructuring charges was up 10% at 330 million euros.
Group revenue over the first six months of the year was up by about 12%, at constant exchange rates and excluding acquisitions, to 8.22 billion euros.
The company did not provide full-year targets.
($1 = 0.8470 euros)
(Reporting by Mathieu RosemainEditing by David Evans and David Holmes)
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