Vivendi’s Business Split Gains Board Approval

Vivendi’s proposal to divide its operations into three separate entities has received approval from the board and will be presented to shareholders for a vote on December 9. If approved, former Paramount Global CEO Bob Bakish is expected to join the Canal+ board.

Separation of Canal+, Havas, and Louis Hachette Group

The board has sanctioned the resolutions for shareholders to decide whether Canal+, advertising firm Havas, and publishing house Louis Hachette Group should each operate independently.

Corporate Structure Post-Demerger

If the demerger proceeds, Canal+ will commence trading with a debt of €400M ($433M). The corporate leadership will include Yanick Bolloré as Chairman of the Supervisory Board, and Maxime Said as Chairman and CEO of the Management Board. Jacques du Poy and Anna Marsh will serve as Deputy CEOs, while Amandine Ferré will take on the role of CFO.

Board Composition

The board will feature Bolloré, Arnaud de Puyfontaine, and notably, Bob Bakish, who has remained out of the spotlight since leaving Paramount earlier this year. Bakish will be one of eight independent members on a 12-member board.

Voting Requirements for the Split

The separation of Canal+ and Louis Hachette will require two-thirds majorities, whereas the Havas division based in the Netherlands will only need a simple majority due to its distinct corporate structure implications.

Impact on Shareholders

Should shareholders approve the plan, the three businesses will begin trading separately on December 16. Each shareholder will receive one share each of Canal+, Havas, and Louis Hachette Group, in addition to maintaining their Vivendi shares.

Trading Locations and Debt Management

Under the new arrangement, Canal+ will be listed in the UK, Havas in the Netherlands, and Louis Hachette on Euronext. Each company will function independently, with operational teams based in France. Vivendi will continue its listing on Euronext Paris.

As announced in July, Canal+, which includes pay-TV operations and Paddington producer Studiocanal, will remain incorporated and taxed in France, thus avoiding mandatory public offer regulations in either France or the UK. Initially expected to operate with minimal debt, Canal+ will now begin trading on December 16 with a debt of €400M ($433M), including approximately €225M tied to its investment in African content leader MultiChoice.

Person

Bob Bakish, Yanick Bolloré, Maxime Said, Jacques du Poy, Anna Marsh, Amandine Ferré, Arnaud de Puyfontaine

Company Names

Vivendi, Canal+, Havas, Louis Hachette Group, Mediawan, Studiocanal, MultiChoice

Titles

Hit The Mic!, Moloch

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