Vivendi Contemplates Spinoffs of Havas and Canal+ Operations
Vivendi, the French media titan, is eyeing a separation of its business empire, including advertising network Havas and TV network Canal+ Group, to fuel expansion. This bold move is spearheaded by chairman Yannick Bolloré, who also steers Havas.
In a recent announcement, Bolloré hinted at the potential split, following the 2021 listing of Universal Music. The company wants to unlock value by disentangling its interests, but the process is currently under legal and regulatory review.
Havas, one of "The Big Six" advertising agency groups, employs over 23,000 people across 100 countries and generated €686 million ($751 million) in revenue for Q3 of 2023, showing a 3.2% increase year over year.
The regulatory battle heated up in April 2025, when a French court ordered the market watchdog (AMF) to review Vivendi's breakup plan. This legal tussle provides an opportunity for Vivendi to formalize its restructuring measures. While a reversal of the breakup seems unlikely, the regulatory review will decide the feasibility and timing of the separation.
Vivendi remains committed to finalizing the split by the end of 2024. The company has been concentrating on its core content, media, and entertainment fields, shedding its telecom investments through the sale of most of its TIM stake. This move significantly reduced Vivendi's financial net debt and boosted its net asset value (NAV) to around $5.9 billion (€5.2 billion) as of early 2025.
Havas continues to be a significant asset within Vivendi's portfolio, but no recent moves related to the breakup have been reported. Canal+ Group, however, remains a crucial media asset for Vivendi, contributing to its content and entertainment strategy. Nevertheless, no imminent sale or separate listing of Canal+ Group has been suggested.
In summary, Vivendi's breakup plan is undergoing a thorough legal and regulatory review. The company is focusing on growing its core media assets, reducing debt, and improving its NAV. Havas and Canal+ Group are essential components of Vivendi's business empire, and the final outcome will depend on AMF approval and the successful execution of Vivendi's strategic restructuring plan.
The company aims to unlock growth by separating its interests in finance, business, and industry, as indicated by Bolloré's announcement about splitting Vivendi, which includes Havas and Canal+ Group. The regulatory review of Vivendi's breakup plan, initiated in April 2025, will decide the feasibility and timing of this separation, with Vivendi committed to finalizing it by the end of 2024.
