Vivendi Looks at Sale of Further 10% Stake in Universal Music Amid Listing Plan

By Cecilia Butini

Vivendi SE said Tuesday that it is considering selling a further 10% stake in Universal Music Group NV and plans a new governance structure for the music giant ahead of its spinoff and listing on the Euronext Amsterdam in September.

France's Vivendi said it is analyzing the possibility to sell 10% of Universal Music Group's shares to an American investor, or to initiate a public offering of at least 5% and up to 10% of Universal's shares.

The company said it would propose a board of directors for Universal Music Group comprised primarily of nonexecutive members, most of whom will be independent. Vivendi won't be represented on the board, and board members' term in office will be limited to two business years, said Vivendi.

Vivendi also posted results for the first quarter, with earnings and revenue rising on year.

Earnings before interest and taxes grew to 322 million euros ($391.3 million) from EUR248 million the year prior, on revenue which rose to EUR1.81 billion from EUR1.77 billion the previous year. Earnings attributable to shareowners came in at EUR135 million for the quarter, up from EUR89 million the year prior.

Write to Cecilia Butini at [e-mail]

(END) Dow Jones Newswires

May 18, 2021 02:16 ET (06:16 GMT)

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