Variety: Vivendi Board Approves Split as Former Paramount CEO Bob Bakish Named on New Canal+ Board

Story from Variety:

Vivendi‘s plan to split into three separate businesses has moved a step closer to realisation, with the supervisory board now having given the move its approval.

Led by chairman Yannick Bolloré and CEO Arnaud de Puyfontaine, the Vivendi board has approved a proposal that would see the separation of pay-TV giant Canal+, advertising powerhouse Havas and publishing firm Louis Hachette Group. The plan, first revealed in December 2023, aims to address Vivendi’s conglomerate discount (in which a diversified group is valued at less than the sum of its parts) and unlock value for its subsidiaries. A shareholder vote will now take place on Dec. 9.

“Should the spin-off project be approved by the shareholders’ meeting, the first listing of the shares of the three companies would take place on December 16, 2024, allowing for trading on the stock exchange from this date,” Vivendi said in a statement on Tuesday.

Alongside announcing the approval, Vivendi unveiled the Canal+ corporate team that would take charge should the split take place. The entertainment powerhouse — under which sits “Paddington” producer Studiocanal — would be led by Bolloré and Maxime Saada, with Jacques du Puy and Anna Marsh serving as deputy CEOs. Bolloré would also be on the board, alongside de Puyfontaine. But perhaps the the surprise new name listed as a Canal+ board member was veteran Hollywood exec Bob Bakish, most recently CEO of Paramount.

Under the proposed split, Canal+ would list on the London Stock Exchange, Havas would list as a Dutch public limited company on Euronext Amsterdam, and the Louis Hachette Group would list on Euronext Growth in Paris. Vivendi itself would remain listed on Euronext Paris, focusing on developing Gameloft and managing its investment portfolio, which includes Universal Music Group.