Vivendi to divide group and put divisions, including Hachette, on stock market

From The Bookseller:

Vivendi has announced that it will carve up its group into four separate entities which will be listed on the stock market.

This follows its recent takeover of Lagardère, owner of Hachette Livre, France’s largest book publisher, and is prompted by the need to “fully unleash the development potential of all its activities”, the group said in a statement. Until now, it has suffered from a “significantly high conglomerate discount”, which has reduced its value and hampered its subsidiaries’ ability to acquire other companies, it added.

Book publishing will be bundled together with media, entertainment and distribution, which includes Hachette, the Prisma Media magazine publisher and retail outlets in railway stations and airports. The three other entities will be the Canal + pay TV network, the Havas communications firm, and an investment company to look after all the group’s assets in culture, media and entertainment.

Lagardère is the world’s third largest general public and educational book publisher, and a “leading global player in travel retail”, with its chain of shops under Relay and other brands, the statement said. It is present in 40 countries and has more than 27,000 employees.

Link to the rest at The Bookseller