July 25, 2019 / 4:03 PM / a month ago

Vivendi's H1 core operating profit jumps 28%, driven by Universal

PARIS, July 25 (Reuters) - French media giant Vivendi said its first-half core operating profit jumped by 28%, driven by strong growth of its music division Universal, whose capital it seeks to open to one or several partners.

Earnings before interest, tax and amortisation advanced to 718 million euros ($801 million) over the first six months of the year, the Paris-based company said in a statement.

Vivendi said it had selected the investment banks for the sale of “minority stake” in Universal, home to artists like Taylor Swift, Drake and Lady Gaga, confirming an earlier Reuters report.

This marks a change in Vivendi’s intentions with regards to Universal, as the group had up to now said it was ready to sell up to 50% of the division.

Group revenue grew by 6.7% on a comparable basis from a year ago to 7.35 billion euros. ($1 = 0.8962 euros) (Reporting by Mathieu Rosemain and Gwenaelle Barzic; editing by Michel Rose)

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