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Name | Symbol | Market | Type |
---|---|---|---|
Vivendi SE (PK) | USOTC:VIVHY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.00 | 11.95 | 11.98 | 10 | 14:59:43 |
European media group Vivendi SA on Tuesday posted earnings that missed analyst estimates as its two main units, French pay-TV group Canal Plus and Universal Music Group, reported a drop in earnings.
Vivendi, which in recent years has transformed itself from a telecommunications-to-broadcasting conglomerate to a company with activities mainly in pay television and music recording, said its adjusted earnings dropped 9% to EUR172 million. Analysts polled by FactSet had expected adjusted net income of EUR190 million.
The company swung to a net loss of EUR201 million for the third quarter after being hit by a larger tax bill than last year.
Vivendi, which is run by its chairman and largest shareholder Vincent Bolloré , this summer made a strategic U-turn, buying stakes in telecoms and videogame companies having sold out of those sectors in recent years. At the time, Vivendi was under pressure to sell assets to boost a sagging share price.
The company also disclosed it had net cash of EUR8 billion to go after acquisitions.
"Vivendi anticipates that the next two years will be a period of potentially heavy investments," the company said in a statement.
Write to Nick Kostov at Nick.Kostov@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 10, 2015 13:15 ET (18:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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