Canal+ Owner Vivendi Posts $4.6B Revenues, Updates On Company Split Study

Jesse Whittock
·3-min read

Canal+ owner Vivendi is still exploring a stock split, as it today posted first quarter revenues up significantly.

France-based Vivendi posted Q1 revenues of €4.28B ($4.6B), up 5.4% on 2023’s numbers when using constant currencies and and the businesses the firm owns today. No earnings were revealed in the unaudited numbers.

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Within those numbers, Canal+ saw revenues grow 4.3% year-on-year to €1.5B (+3.5% at constant currency and perimeter). International revenues were up 5.8% thanks to subscriber growth, particularly in Africa, where Canal+ has been buying up shares in MultiChoice and looks set to take over the South African giant. Mainland France TV operations revenue was up over 5%.

However, Studiocanal saw revenues decline compared with 2023, when the likes of Alibi.com 2 and John Wick 2 had significant domestic and international launches.

Other notable performances saw social video platform Dailymotion increase revenues by 24.8%, with the ‘New Initiatives’ division it is housed in posting €42M in revenues overall.

This financials come amid a period of corporate soul-searching at Vivendi, and following the takeover of publisher Lagadère in November last year.

The Paris-based company believes its stock price has been “substantially” reduced due to the consolidated nature of its media operations following the listing of Universal Music Group and wants to split its business.

Having already outlined a plan to explore dividing pay-TV and content giant Canal+, ad firm Havas and publisher Lagadère, Vivendi said a feasibility study into a stock split had been going since December 2023. The company says all three units are individually performing well — with each posting year-on-year revenue growth today — and have been hindered in their ability to invest by the “high conglomerate discount” on its shares.

The current plan is for Canal+, Havas and a publishing and distribution division would all list as independent entities on the stock market. Vivendi would also remain publicly listed “maintaining its role of supporting the transformation and expansion of its subsidiaries and continuing to actively manage its investments.”

Should the Vivendi board approve the split, employee representatives at each new entity would be engaged before necessary regulatory, bonder holder and other lender approvals is sought. A final vote would then take place at the AGM in April 2025 to ratify the moves.

Yannick Bolloré, Chairman of Vivendi’s Supervisory Board, and Arnaud de Puyfontaine, Chairman of Vivendi’s Management Board, said in a statement: “Today we are publishing a particularly sharp increase in revenues for a first quarter. This reflects the strength of our three core businesses and the Group’s ability to transform and grow.

“The organic growth of 5.4% compared to the first quarter of 2023 was notably driven by the significant contribution of Lagardère, validating the relevance of the transaction with this group last November and our confidence in the potential of its activities. Canal+ Group and Havas also delivered solid performances, with increases in reported revenues of 4.3% and 6.2%, respectively, over the same period.”

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