PARIS (dpa-AFX) - Vivendi SA (VIV.L, VIVEF.PK) reported that its revenues for third quarter of 2018 rose 5.5 percent to 3.384 billion euros from last year's 3.207 billion euros, while it was up 5.6% at constant currency and perimeter.
For the third quarter of 2018, Universal Music Group's (UMG) revenues amounted to 1.495 billion euros, up 13.5% at constant currency and perimeter compared to the third quarter of 2017. It was up 13.3% on an actual basis.
For the third quarter of 2018, Canal+ Group's revenues amounted to 1.247 billion euros, almost stable compared to the same period of 2017. It was down 0.2% at constant currency and perimeter.
Vivendi said, 'Following the preliminary work carried out by the Management Board, about fifteen 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.'
Vivendi said it will hold working sessions with these banks before the end of fall to determine their qualifications and discuss the potential terms of engagement and fees.
Vivendi noted that it entered into a share purchase agreement with Grupo Planeta for 100% of the share capital of Editis, the second largest French publishing group, following the exclusive negotiations that began on July 30. The enterprise value retained is 900 million euros.
Editis encompasses around fifty publishing houses (e.g., Nathan, Bordas, Robert Laffont, Presses de la Cité, Julliard, XO, Plon, Perrin, Pocket, Belfond or Le Cherche Midi) and many successful authors (e.g., Marc Levy, Michel Bussi or Raphaëlle Giordano). In 2017, Editis recorded revenues of approximately 750 million euros and a recurring EBIT of approximately 60 million euros.
The transaction must now be authorized by the French Competition Authority. The closing of the transaction is expected in late 2018 or early 2019.
Copyright RTT News/dpa-AFX