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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Activision Blizzard Inc | NASDAQ:ATVI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 94.42 | 104.01 | 94.42 | 0 | 01:00:00 |
By Ruth Bender and Inti Landauro
PARIS-- Vivendi SA said Thursday it will sell around half of its remaining stake in videogame maker Activision Blizzard as the group continues to pile up cash ahead of a leadership change next month, capping a shift into a media and content group.
Vivendi said it has agreed to sell 41.5 million shares, or 5.8% in U.S.-based Activision worth about $866 million at current market prices.
The owner of French pay TV group Canal Plus and California-based Universal Music Group last year sold most of its 61% stake in Activision for $8.2 billion back to the game maker as part of its strategy to become a smaller group focused on media activities. The deal included options to sell the remaining 12% stake later. The next window opens up in January 2015.
Vivendi has since also sold most of its telecom assets. In April it agreed to sell its French phone unit SFR to cable investment firm Altice SA, and last week Vivendi completed the sale of its stake in Maroc Telecom.
The sale of the Activision stake will be carried out through a bookbuilding process, which will close before the open of trade on New York's Nasdaq market. Vivendi will announce the final price of the sale later Thursday.
"This transaction is part of Vivendi's intention to totally exit the share capital of Activision Blizzard," Vivendi said in a statement. The decision to sell the stake comes as Activision's shares closed at a record high on Wednesday at $20.87.
The slimmed-down Vivendi next month will hand over leadership to French industrialist Vincent Bolloré, who will take over as chairman from long-term tenant Jean-René Fourtou, while former Hearst Corp. executive Arnaud de Puyfontaine will take over as chief executive.
Vivendi has said it could pursue acquisitions to expand its new media focus once the SFR sale is complete but the group is expected to give more detail about its new strategy after the power handover at a shareholder meeting June 24.
Write to Ruth Bender at Ruth.Bender@wsj.com and Inti Landauro at inti.landauro@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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