Vivendi Posts First-Half Revenues of $9.8 Billion, Bolstered by Canal+, Lagardere

Vivendi, the parent company of French pay TV banner Canal+ Group, saw its 2024 first-half revenues reach €9.05 billion ($9.8 billion), a 5.8% year-on growth. The media conglomerate also posted a 98.4% spike in second-quarter revenues.

Lagardère, the media, publishing and travel retail conglomerate which was acquired last year, as well as Canal+ Group, bolstered revenues. Vivendi also boasted an EBITA of $671 million — 39.3% up compared with the first half of 2023, driven by the consolidation of Lagardère and the growth of Havas. At constant currency and perimeter, EBITA increased by 13.5%, while adjusted net income reached $357 million.

Canal+ Group’s revenues went up by 4.6% to $3.2 billion, helped by TV operations in mainland France and overseas. Revenues from Canal+’s film and TV group Studiocanal also increased by 8.6%, thanks in part to the performance of Amy Winehouse biopic “Back to Black” which was released on April 24 and has sold around the world.

Under the leadership of CEO and chairman Maxime Saada, Canal+ has also increased its interest in Scandinavian pay TV banner Viaplay to 29.33%, becoming its largest shareholder; and recently took a stake in leading Senegalese production company Marodi TV. Canal+ has also made a tender offer to buy the African service MultiChoice Groups.

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Asia is also part of Canal+’s international expansion plans. The company has increased in the leading Asian OTT service Viu to 36.8% and is now looking to have it go up to 51%.

Back in France, Canal+ Group has bought OCS, pay-TV package and Orange Studio, the film and series co-production subsidiary. Some of the new editorial developments include the creation of Studiocanal Stories, a new label dedicated adapting literary works into films and TV series in France and several European countries. Canal+ Group is also continuing to strike deals and partnerships with big U.S. players, including Warner Bros. Discovery which signed a distribution agreement with the French banner for its standalone streaming service Max.

Vivendi’s management board gave an update on the group’s plan to split into three separate entities and list assets. Under current plans, Canal+ will be listed at the London Stock Exchange, Havas at the Euronext Amsterdam, and an entity which will bring together publishing and distribution, including Louis Hachette Group, at the Euronext Growth Paris. Vivendi will remain listed on Euronext Paris.

Vivendi said Canal+ and Havas will maintain their leadership and operational teams at the Paris headquarters, and they will also remain French tax residents for French corporate income tax purposes.

Yannick Bolloré, chairman of Vivendi’s Supervisory Board, said the group’s half-year results were “driven by our three main businesses, which contributed to organic revenue growth of nearly 6% and organic EBITA growth of 13.5%.”

Arnaud de Puyfontaine, Vivendi CEO, meanwhile, said its “various businesses have demonstrated their dynamism, both in terms of organic growth and acquisitions, the strength of their respective business models and their ability to transform and adapt to their environment and the expectations of their customers.” The executive said the group is currently “strengthening its international positions.”

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Reinaldo Massengill

Update: 2024-10-01

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