Vivendi Is Exploring A Universal Music IPO, says CEO
Universal, the world's largest music group, may soon be spun off via a public stock offering, the CEO of parent company Vivendi has confirmed.
“We have started work that will allow us to present the benefits of a potential listing of UMG to the supervisory board,” CEO Arnaud de Puyfontaine told Vivendi’s annual general meeting in Paris on Thursday.
Vivendi shares gained 1.2% on the news.
Universal Music Group (UMG) is a subsidiary of the French media conglomerate Vivendi. With offices around the world, UMG's global corporate headquarters are located in Santa Monica, California. The music group posted revenue of $6 billion from publishing and recording in 2017, the company's highest total ever.