Vivendi now sees completion of Lagardere deal by end of year (updated)
19/10/2023 17:40
(Adds details, background)
By Olivier Cherfan and Laura Lenkiewicz
Oct 19 (Reuters) - French media giant Vivendi VIV.PA
said in its third quarter update on Thursday that it expects its
deal to acquire publishing house Lagardere to be finalised by
the end of the year, later than initially expected.
The group originally forecast the transaction would be
completed by the end of October.
Vivendi has overcome multiple legal hurdles in its bid to
acquire Lagardere, including securing EU antitrust approval by
selling publishing unit Editis to IMI and its stake in lifestyle
magazine Gala to Prisma Media.
The company said the European Commission must now
approve these two buyers as suitable purchasers.
"Our Group will then take on a new dimension, with a
revenue increase of around 70% thanks, in particular, to the
contribution of Hachette, the third-largest trade and
educational book publisher, and the travel retail activities,"
Vivendi's CEO Yannick Bollore said in a statement.
The media conglomerate said its third quarter revenue
rose by 3.1% year on year to 2.43 billion euros ($2.57 billion)
at constant currency and perimeter, driven by growth at its
Canal+ Group and Havas units.
Sales at its advertising business Havas rose 4.5% from a
year earlier to 654 million euros, while Canal+ revenues rose
3.9% year on year.
($1 = 0.9456 euros)
(Reporting by Olivier Cherfan and Laura Lenkiewicz; Editing by
Susan Fenton)
((olivier.Cherfan@thomsonreuters.com;
laura.lenkiewicz@thomsonreuters.com))