Media: Vivendi acquires 10.6% of Lagardère's capital as part of "a long-term financial investment"

"Vivendi, following the recent sale of 10% of its 100% share capital of Universal Music Group (UMG) for an enterprise value of €30bn (see below), today announced the acquisition of 10.6% of the Lagardère share capital," announced the parent company of the free and pay TV group Canal+ on 21/04/2020.

"This acquisition is a long-term financial investment reflecting Vivendi's confidence in the future prospects of the French group which enjoys international leadership positions in its businesses and which, like many others, is experiencing difficult times at the moment," explained the French media and entertainment group.

Lagardère is currently facing an offensive from its main shareholder, the Amber Capital fund (16.4% of the capital and 12.48% of the voting rights), which would like the supervisory board of the publishing, production, broadcasting and content distribution group to be completely renewed.

"Vivendi's revenues for the first quarter of 2020 (€3.87bn, up 11.9% and 4.4% at constant currency and perimeter) were little affected by the consequences of the Covid-19 pandemic. A…