Vivendi plans London listing for Canal+, Amsterdam float for Havas

Vivendi announced it was carrying out a feasibility study into splitting up its business in December 2023, noting that it was suffering a high conglomerate discount which was substantially reducing its valuation.

In an update on the feasibility study published this week, Vivendi said Canal+ would be listed on the London Stock Exchange to reflect the company’s international dimension. Canal+ now has up to two-thirds of its subscribers outside of France as well as a global film and TV series distribution network. It added that Canal+ would remain a company incorporated and taxed in France.

Havas, with the majority of its activities being carried out internationally, would be listed as a Dutch public limited liability company (NV) on the Euronext Amsterdam stock exchange.

A newly named company, Louis Hachette Group, would bring together the assets owned by Vivendi in publishing and distribution, including the group’s 63.5% shareholding in Lagardère SA and 100% of Prisma Media. This company would be listed on Euronext Growth in Paris.

Paris-listed Vivendi will become a listed investment holding company, managing a 10% stake in Universal Music Group the world’s biggest music label, which it also spun-off three years ago. Vivendi would also continue to develop games company Gameloft.