Vivendi posts H1 growth helped by Lagardère consolidation, Havas
By Olivier Cherfan and Gianluca Lo Nostro
July 25 (Reuters) -French media conglomerate Vivendi VIV.PA reported a 39.3% rise in first-half adjusted operating profit to 619 million euros ($672.30 million) on Thursday, helped notably by consolidation of the publishing group Lagardère and growth in advertising business Havas.
WHY IT'S IMPORTANT
Vivendi and the Bollore family own a combined 28% stake in the world's biggest music label Universal Music Group UMG.AS. UMG shares fell 23.5% on Thursday after UMG reported lower-than-expected streaming and subscription revenue in the second quarter, while rival Spotify SPOT.N posted on Tuesday 21% year-on-year growth in revenues from paid streaming.
Vivendi has offered to acquire the shares it doesn't already own in South Africa's Multichoice MCGJ.J in an effort to compete with streaming giant Netflix NFLX.O in Africa.
KEY QUOTE(S)
"It's an overreaction in the market today", Vivendi CEO Arnaud de Puyfontaine said regarding the drop in UMG's shares.
Asked about a potential offer from telecoms group Iliad for Vivendi's stake in Telecom Italia, Puyfontaine said: "I am not aware of any approach."
Puyfontaine spoke of "shock and sadness" in reaction to the decision by France's broadcast regulator not to renew a licence for Vincent Bolloré's entertainement TV channel C8.
CONTEXT
Vivendi confirmed on Monday its plans to list broadcaster Canal+ in London and Havas in Amsterdam, with a final decision expected by the end of October. An extraordinary shareholder meeting could occur in December.
Swedish audio-streaming giant Spotify SPOT.N said on Tuesday it saw 12% subscriber growth to 246 million, and predicts a 34% higher operating income at 405 million euros in the next quarter.
BY THE NUMBERS
Sales for the first six months rose to 9.05 billion euros ($9.83 billion), up 92.7% year-on-year, including mainly the impact of the consolidation of Lagardère (+4,193 million euros).
($1 = 0.9211 euros)
Reporting by Olivier Cherfan and Gianluca Lo Nostro in Gdansk; Editing by Alexandra Hudson
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