PARIS--Vivendi SA (VIV.FR) is splitting its strategies for media
and telecommunications between newly created roles in the latest
step as the company considers selling off assets or breaking itself
in two.
The Paris-based conglomerate said late Monday that Jean-Yves
Charlier, a Vivendi board member since 2008, will join the
company's management in October as a new senior executive vice
president in charge of telecommunications, and participate in the
company's strategic rethinking.
Meanwhile, the company said that Bertrand Meheut, head of
Vivendi's Canal Plus pay-television business, will be tasked with a
company-wide strategic review of the strategy for Vivendi's media
and content units, while keeping his current role atop Canal
Plus.
Since spring, Vivendi has been rethinking a conglomerate
strategy that has led it to own a wide array of loosely connected
businesses and has pushed its shares down to nine-year lows. The
strategic soul-searching has been deep enough that Chief Executive
Jean-Bernard Levy was pushed out at the end of June, and was
awarded 3.9 million euros ($4.8 million) in severance.
The company has since been speaking with bankers and potential
buyers about selling individual assets, and has also considered
options like splitting the telecommunications and media assets,
according to people familiar with its deliberations.
While the company had explored initially selling its controlling
stake in video-game giant Activision Blizzard Inc. (ATVI), a lack
of willing buyers has shifted its focus to its other assets, such
fast-growing Brazilian phone operator GVT, one of those people
said.
Two people close to the company said the company has decided on
its preferred strategic direction going forward, but declined to
elaborate on what that strategy is.
On the telecommunications side, Vivendi's assets include its
cash cow, French phone operator SFR, as well as Maroc Telecom
(IAM.CL) and GVT. On the media side, it owns all of or stakes in
Universal Music Group, Canal Plus and Activision Blizzard.
Vivendi shares closed down 0.8% on Monday at EUR15.90.
Write to Sam Schechner at sam.schecher@dowjones.com
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