Date revealed for Havas spin-off vote as revenues rise

Vivendi has continued to study the feasibility of splitting off its businesses, including Havas, on the stock market.

The study has been ongoing since the management board of Vivendi proposed the idea to the supervisory board on 13 December.

In its results released today, Vivendi said that Havas, Canal+ Group and Lagardère were experiencing “strong growth in an international context” and that the move would “unleash the development potential” of the brands.

Vivendi is publicly listed on the stock market but the idea currently being studied is the partial split of Vivendi. The move would mean that Havas, Canal+ Group and another as yet unnamed company grouping the publishing and distribution assets would become separate entities on the stock market. Vivendi would remain listed.

Another reason for the move is that Vivendi has endured a “significantly high conglomerate discount”, which has reduced its valuation and ability to carry out “external growth transactions”.

If the supervisory board approves the project, the decision will be subject to a consultation and numerous authorisations and approvals. It will finally be subject to a vote at the annual general shareholders’ meeting scheduled for April 2025.

Revenue

Globally, Havas increased its revenue from $654.12 (€611) million to $606.22 (€649) million in Q1 2024, a 6.2% increase on Q1 2023.

Yannick Bolloré, chairman of Vivendi’s supervisory board, said that Vivendi’s “sharp increase in revenues” reflected the “strength of [its] three core businesses”, including Havas, but that the increase was also “notably driven by the significant contribution of Lagardère”. Vivendi acquired the publisher and travel retailer in November 2023.

Net revenues increased to $660.54 (€617) million, up 4.8% from $629.5 (€588 million) in Q1 2023.

In Europe, Havas’s revenue increased from $297.62 (€278) million to $331.88 (€310) million (up 11.5%), second to North America and ahead of Asia Pacific, Africa and Latin America.