Vivendi 1st Half Net Profit Fell; Considering Partial Sale of UMG

   By Anthony Shevlin 
 

Vivendi SA (VIV.FR) said Monday that net profit in the first half fell, and that it is considering a partial sale of Universal Music Group (UMG.XX).

The French company said net profit for the period was 165 million euros ($192.3 million), down 6.3% on year. Adjusted net income was EUR393 million.

Revenue for the first half was up 18% at EUR6.46 billion, the company said.

Vivendi said it is in negotiations with Grupo Planeta to acquire Editis, the second-largest French publishing group owned by the Spanish company.

The enterprise value is considered to be EUR900 million, Vivendi said.

Vivendi said it is considering selling up to 50% of Universal Music Group, but has ruled out an initial public offer. The transaction will "likely be launched this fall and could be completed within the next 18 months," it said.

Vivendi said it is confident in its outlook for the second half of 2018. It said its Havas business expects better organic growth of net revenue in the second half due to major account wins in the first half.

Write to Anthony Shevlin at [e-mail]

(END) Dow Jones Newswires

July 30, 2018 12:31 ET (16:31 GMT)

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