VIV Vivendi SE

   By Pietro Lombardi 
 

Vivendi SA's (VIV.FR) third-quarter revenue rose 5.5% on year supported by strong revenue performance at its Universal Music Group subsidiary, it said Thursday.

Revenue for the period was 3.38 billion euros ($3.82 billion) compared with EUR3.21 billion a year earlier. At constant currency and perimeter, revenue increased 5.6%, the company said. Revenue grew 13% at its Universal Music Group unit, while falling 0.5% at French pay-TV group Canal+.

The media conglomerate gave further details on its plan to sell up to 50% of Universal Music Group.

"Following the preliminary work carried out by the management board, about 15 banks were chosen for the bank-selection process. The banks could help Vivendi identify one or more strategic partners for its subsidiary Universal Music Group," it said.

In July it said it would try to sell up to 50% of the world's biggest music company, ruling out an initial public offering as it was too complex. The sale process would start in the fall, it said.

Vivendi said Thursday that it has entered into a share-purchase agreement with Grupo Planeta for 100% of publishing group Editis.

"The enterprise value retained is EUR900 million," it said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

November 15, 2018 12:12 ET (17:12 GMT)

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