French media conglomerate Vivendi has successfully completed the spin-off of its key subsidiaries: Canal+, Havas, and Louis Hachette Group. Shareholders voted with over 97.5% approval for the separation, a strong indication of support for this transformative restructuring. The newly independent entities will commence trading on the London Stock Exchange, Euronext Amsterdam, and Euronext Growth Paris.
“We are delighted with the very high adoption rate of our spin-off project. This undisputable result confirms the strong support of our shareholders for this transformative transaction,” stated chairman Yannick Bolloré. The restructuring brings together Lagardère (66.53% investment) and Prisma Media (100%) under the Louis Hachette Group umbrella.
Vivendi initiated this separation last December, driven by concerns that the market had significantly undervalued the company since the 2021 spin-off of Universal Music Group. This undervaluation, Vivendi argued, did not reflect the robust growth within its various business units. Canal+, in particular, has significantly expanded its reach, notably through acquisitions of M7 in Europe and the planned acquisition of Multichoice in Africa. This expansion demonstrates Canal+'s significant growth potential.