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Vivendi beats growth expectations after Universal spin-off -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: A Vivendi signal is seen on the firm’s headquarters in Paris, France, April 8, 2015. REUTERS/Gonzalo Fuentes/File Photograph

PARIS (Reuters) – French media group Vivendi (OTC:), which spun-off Common Music Group (AS:) final month, mentioned on Thursday third-quarter gross sales rose by 10% from a yr earlier, pushed by sturdy development at its pay-TV unit Canal Plus.

Group income superior to 2.48 billion euros ($2.89 billion), the Paris-based firm mentioned in an announcement, beating the two.26 billion euro Seen Alpha analyst consensus supplied by Jefferies (NYSE:).

Gross sales at Canal Plus, now Vivendi’s greatest enterprise unit, rose 6.5%, boosted by its worldwide actions and a 35% leap in income from Studiocanal, which produces and distributes Canal Plus films, as cinemas reopened.

With a market worth of about 12 billion euros, Vivendi is price a bit greater than a 3rd of its worth earlier than the spin-off of Common, its most-prized asset.

The world’s greatest music label, which represents musicians and music catalogues from Billie Eilish to The Rolling Stones and Bob Dylan, noticed its market worth leap to 45 billion euros ($52 billion) in Europe’s largest itemizing of the yr.

Vivendi nonetheless owns 10% of Common and can be house to publishing group Editis and promoting group Havas.

The group , which is managed by French tycoon Vincent Bollore, did not present full-year targets.

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