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Vivendi plans an IPO of Common by early 2023 on the newest – Information by Automobilnews.eu

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Vivendi plans an IPO of Common by early 2023 on the newest


French media group Vivendi CEO Arnaud de Puyfontaine delivers a speech through the group’s basic assembly in Paris.

Eric Piermont | AFP | Getty Photos

French media conglomerate Vivendi stated on Thursday it deliberate to checklist its most-prized asset, Common Music Group, by early 2023 on the newest, following a yr of file revenue for the division.

This represents a brand new milestone in a two-year course of launched by Vivendi’s prime investor, Vincent Bollore, to profit from the world’s largest music label, dwelling to artists Taylor Swift, Drake and Woman Gaga.It’s a additionally a change of coronary heart for the Paris-based group, because it had stated it thought of an preliminary public providing (IPO) of Common as too complicated again in 2018.

Chief Government Officer Arnaud de Puyfontaine declined to present additional particulars on the potential IPO however stated Common’s stellar efficiency may draw additional curiosity from buyers.

A consortium led by China’s tech large Tencent purchased 10% of Common final December in a deal that valued it
at 30 billion euros. The identical consortium should buy an extra 10% of Common’s share capital till mid-January 2021.

The music label’s earnings earlier than curiosity, tax and amortization (EBITA) jumped by 22% at fixed forex and perimeter from a yr earlier to 1.12 billion euros ($1.21 billion), boosting group revenue.In distinction, Vivendi’s second largest division, pay-TV Canal Plus, noticed income and revenue drop on a comparable foundation, penalized by the departure of subscribers in France on heightened competitors from video-streaming platforms comparable to Netflix.

Group income was up 5.6% final yr, totalling 15.9 billion euros.The group returned 3.Three billion euros to shareholders final yr through share buybacks and dividends. It should provide a divided of 60 cents per share in 2019, up 20% from a yr earlier.

Vivendi plans an IPO of Common by early 2023 on the newest – Information by Automobilnews.eu
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