VIV.PA - Vivendi SA

Paris - Paris Delayed Price. Currency in EUR
24.75
-0.15 (-0.60%)
At close: 5:35PM CET
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Previous Close24.90
Open24.95
Bid0.00 x 0
Ask0.00 x 0
Day's Range24.64 - 24.98
52 Week Range20.80 - 26.69
Volume3,146,281
Avg. Volume2,762,757
Market Cap29.385B
Beta (3Y Monthly)0.56
PE Ratio (TTM)65.13
EPS (TTM)0.38
Earnings DateFeb 12, 2020 - Feb 17, 2020
Forward Dividend & Yield0.50 (2.01%)
Ex-Dividend Date2019-04-16
1y Target Est24.84
  • France's Bad Boy of Telecoms Joins the Geriatric Set
    Bloomberg

    France's Bad Boy of Telecoms Joins the Geriatric Set

    (Bloomberg Opinion) -- Xavier Niel is supposed to be the bad boy of French telecoms. He never finished college, once ran an online sex-chat service, and shook up incumbents like Orange SA with cheap pricing when he launched Free Mobile in 2012.That makes one element of his push to extend control over Free’s parent Iliad SA particularly surprising: the implicit admission that the Paris-based company is becoming just like any other boring telecom company. It's an overdue acknowledgement of market realities.It all comes down to the dividend. Mobile carriers have appealed to investors over the past decade not for their growth prospects but their generous dividend payouts. European telecommunications firms will have an average dividend yield of 5% this year, according to estimates compiled by Bloomberg. That compares with the 3.3% average of the broader Stoxx 600 Index of European companies.Iliad has differed from the crowd. Its 12-month yield has averaged 0.8% since 2009. That’s because it promised growth — the stock climbed almost three-fold between 2009 and 2017. But the past two years have been a different story. Before today, the shares had fallen 63% from their 2017 peak as French rivals reclaimed market share from the low-cost upstart.On Tuesday, Niel announced plans to boost his holding in the firm by as much as 20 percentage points. The complicated structure will see Iliad buy back up to 1.4 billion euros ($1.5 billion) of stock for 120 euros per share, then issue new shares of an equivalent amount that Niel has pledged to buy, in a rights issue to which other shareholders can also subscribe. At the same time, Iliad announced it would increase the dividend by a chunky 189% to 2.60 euros, bringing the yield to more than 2%. That’s still very much at the low end of its peers but a substantial change in policy, particularly at a time when the region’s giants — Vodafone Group Plc and Deutsche Telekom AG — are cutting their dividends as they anticipate increased spending on 5G networks.For Niel, it’s a canny way of using the company’s stronger balance sheet to extend his control. Iliad is expecting proceeds of more than 2 billion euros from the sale of infrastructure assets this year. If he increases his stake to above 70% from the current 52%, as the buyback and rights issue might allow, he can expect annual dividend proceeds exceeding 100 million euros. That can help him service the personal debt that he’s likely assuming to fund the rights issue. The move may also strengthen Niel's hand and his financial upside, should the perennial on-again, off-again efforts to consolidate the French market resume.The steps at Iliad don’t particularly disadvantage existing shareholders financially, even if they do seem to be very much in Niel’s interest. They’re under no obligation to sell, and have already benefited from a jump in the share price, which climbed 18% on Tuesday. Nor does the increased payout significantly weaken the firm’s finances: The dividend payout will top 154 million euros. Net debt of 3.7 times Ebitda will fall closer to 2.5 times Ebitda. And it’s far less outrageous than the self-interested efforts of fellow French billionaire Vincent Bollore and his family to extend control over Vivendi SA. The Bollores are simply carrying out a buyback of the media conglomerate’s shares, then canceling them, leaving the family with a bigger stake without increasing their financial risk.But for all of Niel’s assertions that the investment reflects his “confidence in the company’s industrial project,” he will likely need Iliad to continue the more generous dividend payouts to service his greater debt. That will gradually chip away at Iliad’s ability to engage in costly price wars to drive market share. Instead, it’s becoming more like its rivals, generating steadier, more predictable returns, rather than promising stratospheric stock growth.To contact the author of this story: Alex Webb at awebb25@bloomberg.netTo contact the editor responsible for this story: Melissa Pozsgay at mpozsgay@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Reuters

    UPDATE 1-'Spinal Tap' creators settle lawsuit with Vivendi's UMG

    Harry Shearer, Christopher Guest, Michael McKean and Rob Reiner, creators of mock rock music documentary "This is Spinal Tap", said they had resolved a dispute with Vivendi's Universal Music Group over the film's soundtrack recordings. Under the agreement, which was announced on Tuesday, Spinal Tap's recordings will continue to be distributed through UMG and eventually the rights will be given to the creators.

  • Mediaset, Vivendi in talks to resolve row over TV project: sources
    Reuters

    Mediaset, Vivendi in talks to resolve row over TV project: sources

    Italian broadcaster Mediaset and its hostile shareholder Vivendi are in talks about ways to overcome a dispute over the governance of Mediaset's planned pan-European TV reorganization, two sources close to the matter said on Tuesday. Should the two sides reach a deal, it would mark the first thaw in a long-running legal fight between the broadcaster owned by the family of former Prime Minister Silvio Berlusconi and the French media group led by billionaire Vincent Bollore. The reorganization by Italy's top commercial broadcaster aims to create a new holding company, called MediaforEurope, to pursue pan-European tie-ups and meet rising competition in the industry as growth stalls in Mediaset's domestic market.

  • Mediaset ready to change pan-Europe TV governance to appease Vivendi: source
    Reuters

    Mediaset ready to change pan-Europe TV governance to appease Vivendi: source

    Italian broadcaster Mediaset is ready to modify the governance of its pan-Europe TV reorganisation in order to reach a compromise with hostile shareholder Vivendi VIV.PA , a source said on Tuesday. Italy's biggest commercial broadcaster is seeking to merge its domestic and Spanish businesses into a Dutch entity called MediaforEurope to pursue pan-European tie-ups. A Milan court was expected to rule as early as this week on a request from Vivendi to freeze the corporate overhaul.

  • Banijay to Buy ‘Black Mirror’ Producer Endemol Shine Group
    Bloomberg

    Banijay to Buy ‘Black Mirror’ Producer Endemol Shine Group

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.French content producer Banijay Group said it’s buying rival Endemol Shine Group from Walt Disney Co. and Apollo Global Management Inc., creating a giant entity able to compete with the likes of ITV Plc.Banijay will acquire the Dutch production company behind hit shows like “Black Mirror” and “Peaky Blinders,” confirming earlier reports. The buyer is backed by two conglomerates: France’s Vivendi SA and Italy’s De Agostini SpA.A spokesman for Banijay declined to disclose any financial amount for the whole transaction. Banijay and Endemol Shine had been discussing a valuation of at least $2 billion, people with knowledge of the matter told Bloomberg Oct. 22.Disney and Apollo were seeking a buyer for Endemol last year. They had attracted interest from suitors including Banijay, the U.K. broadcaster ITV and Hollywood talent agency Endeavor Group Holdings Inc., Bloomberg News reported at the time. Endemol called off the sale process after failing to reach an agreement.Capital IncreaseThe acquisition will be financed through committed debt financing worth around $1.6 billion as well as $400 million from a capital increase by Banijay Group, people familiar with the deal said, declining to be be named because the information is private. Vivendi -- which will own 32.9% of the new group -- will contribute around $100 million in that capital increase, they said.The debt part of the deal includes a full refinancing of Banijay and Endemol Shine’s existing financial debt, supported by Deutsche Bank, Natixis and Societe Generale, Banijay said in an emailed statement. An IPO of the newly combined group in a few years is part of the road map, the people said.Total pro-forma revenue of the combined group is expected to be approximately 3 billion euros ($3.32 billion) for the year ending Dec. 31, Banijay said. The group will own almost 200 production companies and the rights for about 100,000 hours of content.“Combining the resources of these two companies will instantly strengthen our position in the global market,” Marco Bassetti, Banijay chief executive officer, said in the statement.Endemol Shine, which transcends national borders with hit TV franchises such as “Big Brother” and “MasterChef,” is familiar to Banijay’s founder and chairman Stephane Courbit, who ran its French unit in the early 2000s. Banijay owns the rights of TV series such as Norway’s political thriller “Occupied” as well as “Versailles,” a period drama about King Louis XIV.Fimalac BackingAfter closing, the combined group will be 67.1% owned by LDH, a holding company controlled by Courbit, with the rest being owned by Vivendi, which will get three board seats from the current two, the people said.Italian Group De Agostini owns 36% of LDH while French investment Fimalac led by Marc Ladreit de Lacharrière will own 12% of LDH through a reserved capital increase dedicated to the financing of the Endemol Shine acquisition and will get one board seat, a person said.LDH is controlled by Financiere LOV, Courbit’s investment arm. In addition to its direct investment in LDH, Fimalac will reinforce its long-term partnership with Financiere LOV by increasing its stake from 5.75% to 8.4%, Banijay said.Rothschild and PJ Solomon acted as financial advisers to Banijay Group, while SocGen acted as financial adviser to Financiere LOV, it also said.(Adds details about financial structure of the deal from fifth paragraph.)\--With assistance from Daniele Lepido and Geraldine Amiel.To contact the reporter on this story: Angelina Rascouet in Paris at arascouet1@bloomberg.netTo contact the editors responsible for this story: Rebecca Penty at rpenty@bloomberg.net, Sara Marley, Andrew DavisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Vivendi shares rise as UMG stake sale attracts interest
    Reuters

    Vivendi shares rise as UMG stake sale attracts interest

    Shares in French media group Vivendi jumped on Friday after it posted higher third-quarter revenue and said that a potential sale of a stake in its Universal Music Group (UMG) was attracting buyer interest. Vivendi shares were up 2.7% in early trading, the best performer on France's benchmark CAC-40 index , which was down 0.7%. "Group trading continues to track well, but we view the major catalyst for share price upside in the short term to be further sell down of UMG," wrote brokerage Liberum, which kept a "buy" rating on Vivendi.

  • Thomson Reuters StreetEvents

    Edited Transcript of VIV.PA earnings conference call or presentation 25-Jul-19 4:00pm GMT

    Half Year 2019 Vivendi SA Earnings Call

  • Reuters

    ProSieben's U.S. production assets attract strategic buyers - sources

    NEW YORK/FRANKFURT, Oct 10 (Reuters) - ProSiebenSat.1 Media's U.S. production business, which includes the maker of crime drama 'Bosch', is attracting interest from strategic buyers and the German broadcaster aims for a sale by year-end, sources familiar with the matter said. Morgan Stanley is managing the sale of the U.S. operations, which account for around $350 million of international production business Red Arrow's total annual revenues of $600 million, the sources said. Binding bids were due by the end of October, and French media companies Vivendi and Banijay may show interest in the U.S. content operations, one of the sources said.

  • Moody's

    CDS HOLDCO III B.V. -- Moody's withdraws M7's ratings following acquisition by Canal+ Group

    Moody's Investors Service ("Moody's") has today withdrawn the B2 corporate family rating (CFR), the B2-PD probability of default rating (PDR), the B2 rating on the EUR655 million senior secured Term Loan B, and the B2 rating on the EUR20 million senior secured revolving credit facility of CDS Holdco III B.V.'s ("M7" or "the company"). The rating action follows the full repayment of M7's rated debt. At the time of withdrawal, the ratings were on review for upgrade following the announcement in May 2019 by Canal+ Group ("Canal+"), owned by Vivendi SA ("Vivendi", Baa2 stable), that it had agreed to acquire M7 from private equity sponsor Astorg, for a purchase price of slightly above EUR1.0 billion.

  • Moody's

    Vivendi SA -- Moody's analyses potential sale of Vivendi's Universal Music Group stake

    Vivendi SA's (Baa2 stable) decision to sell a stake in Universal Music Group (UMG) will introduce new business risks due to the reinvestment of proceeds that could outweigh declining leverage and hamper credit quality improvements, Moody's Investors Service ("Moody's") said today in a new report. Vivendi recently announced that it has entered into negotiations with Tencent Holdings Limited (A1 stable) for the disposal of a 10% stake in UMG, the world's leading music company.

  • AT&T Can Learn From Billionaire Singer's Italian Experience
    Bloomberg

    AT&T Can Learn From Billionaire Singer's Italian Experience

    (Bloomberg Opinion) -- To understand Elliott Management Corp.’s plans for AT&T Inc., it’s worth examining how it tackled a relative telecommunications minnow in Europe. The activist investor’s 2018 fight for control of Telecom Italia SpA may have provided something of a dry run.Last year, after revealing its stake in the Italian carrier, the fund run by combative billionaire Paul Singer started with a relatively short and straightforward list of proposals: improve governance, replace the board and divest some fixed and mobile network assets to reduce debt. Over the subsequent months, perhaps as it ascertained what resonated best with other shareholders, the strategy evolved into a more extensive array of requests dressed with a more constructive air.By the end of the year, Singer had realized the goals that were supposed to right the ship. Elliott had installed a new chief executive officer, Luigi Gubitosi, who won support on expectations he would be better able to execute a turnaround program. Conveniently, Gubitosi, an Italian with a private equity background, appears more open to putting a for-sale sign on assets that Elliott wants Telecom Italia to shed.With AT&T, Elliott started off the bat with a more exhaustive set of proposals akin to those it took months to develop at Telecom Italia: operational improvements, a portfolio review, better governance, a halt to acquisitions, and an exhortation for AT&T CEO Randall Stephenson  to “align management skills,” which seems to hint at personnel changes. That could mean trying to prevent the ascent of John Stankey, AT&T’s chief operating officer and heir apparent for the top role.As AT&T investors and employees dig into the details, they should ignore the noise and focus on what are probably Elliott’s ultimate goals. That doesn’t mean it will be a smooth ride for either side. Telecom Italia stock is down almost 30% from the levels at which Elliott likely bought in, and selling assets will probably take a long time. The company’s biggest shareholder, French media conglomerate Vivendi SA, has fought Elliot at every turn. At AT&T, Elliott is pushing for what looks like a more constructive approach, but the fund’s core ambitions are surely the divestment of assets, including the shrinking DirectTV business and perhaps even parts of the phone network. QuicktakeWho Really Wins When Activist Investors Attack?U.S. carriers have so far largely avoided putting their fixed-network assets up for sale, but there’s plenty of appetite from funds such as KKR & Co. to invest in the infrastructure that supports the data economy. In Europe, similar assets have been sold for close to 20 times earnings before interest, taxes, depreciation and amortization.Elliot has also taken a page from its agenda with German business-software giant SAP SE, calling on AT&T to a halt any new acquisition plans to focus on better integrating purchases it already has in motion. That complements the Telecom Italia strategy by ruling out moves that may add to the debt pile when the goal is to reduce it.There are differences, of course. Telecom Italia was a proxy fight to secure board control. That’s not on the table at AT&T – at least, not yet. And building a meaningful enough stake in the $274 billion American firm for such a fight would be tough. But the trajectory seems the same. To contact the author of this story: Alex Webb at awebb25@bloomberg.netTo contact the editor responsible for this story: Melissa Pozsgay at mpozsgay@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Reuters

    UPDATE 2-Vivendi steps up legal fight after keeping Mediaset stake

    Vivendi is taking legal action against Mediaset's plans to reshape its future after deciding to hold on to its stake in the Italian broadcaster after a deadline to sell expired. Mediaset this month won shareholder approval to create a pan-European media group in an effort to pursue continental alliances with rivals and fend off growing competition from streaming services such as Netflix or Amazon Prime Video. Vivendi could have scuppered Mediaset's plans had it decided to sell its 29% holding back to the Italian group by a deadline of midnight on Saturday.

  • Vivendi holds onto Mediaset stake as withdrawal right deadline expires: sources
    Reuters

    Vivendi holds onto Mediaset stake as withdrawal right deadline expires: sources

    Vivendi has decided not to exercise withdrawal rights over its Mediaset holding as a deadline to liquidate the stake in the Italian broadcaster expired at the weekend, two sources close to the matter said on Monday. The French media group had until midnight on Saturday to sell its 29% stake back to Mediaset, following the approval of a corporate overhaul that will see Italy's top commercial broadcaster merge it domestic and Spanish businesses under a Dutch holding company. Sources familiar with the matter told Reuters on Sunday Vivendi had decided to fight the corporate revamp in court, broadening its legal spat with Mediaset beyond Italy, rather than head for the door.

  • Vivendi steps up legal fight after keeping Mediaset stake
    Reuters

    Vivendi steps up legal fight after keeping Mediaset stake

    Vivendi is taking legal action against Mediaset's plans to reshape its future after deciding to hold on to its stake in the Italian broadcaster after a deadline to sell expired. Mediaset this month won shareholder approval to create a pan-European media group in an effort to pursue continental alliances with rivals and fend off growing competition from streaming services such as Netflix or Amazon Prime Video. Vivendi could have scuppered Mediaset's plans had it decided to sell its 29% holding back to the Italian group by a deadline of midnight on Saturday.

  • Reuters

    UPDATE 2-Peninsula fund gives Mediaset insurance in Vivendi dispute

    A private equity firm led by former bankers from top Italian investment house Mediobanca has agreed a backstop worth up to 1 billion euros ($1.1 billion) to help Mediaset ensure safe passage for its plans to create a pan-European TV player. The Italian broadcaster this month won shareholder approval for a corporate overhaul to create a Dutch-based TV platform dubbed MediaforEurope (MFE), fending off opposition from its second largest shareholder Vivendi. The French giant, led by media tycoon Vincent Bollore, opposes the reorganisation saying the new governance strengthens the hold of Mediaset's biggest shareholder, the family of former Italian Prime Minister Silvio Berlusconi.

  • Reuters

    France's Canal+ pairs up with Netflix in pay-TV shift

    Vivendi's pay-TV unit Canal+ is set to offer Netflix movies and series to subscribers as the French firm tries to counter pressure from the rise of online streaming services and falling subscriptions. The companies said on Monday the new Canal+ TV bundles, integrating Netflix productions like its hit "Stranger Things" show, would be available in France from Oct. 15, and rolled out at a later date in markets like Poland. The tie-up follows similar moves by a growing number of pay-TV groups and telecoms firms hoping to retain viewers by giving them a wider choice of programmes, including Comcast 's Sky in Britain and Telefonica in Spain and Brazil.

  • Barrons.com

    Vivendi’s Universal Music Is Hitting All the Right Notes, Lifting Shares in Investor Bolloré

    French conglomerate Bolloré’s stock jumped on Friday after record results at Universal Music and strong earnings in its logistics businesses.

  • Moody's

    Vivendi SA -- Moody's announces completion of a periodic review of ratings of Vivendi SA

    Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Vivendi SA and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.