The supervisory board of French media conglomerate Vivendi has approved plans for the company to split into four, with Canal+ expected to launch on the London Stock Exchange in December.
The proposal will now go before a shareholders meeting on December 9th, with the pay-TV giant expected to debut on the LSE on 16th December.
Vivendi chair Yannick Bollore would serve as chairman of the listed Canal+ with Maxime Saada remaining as CEO.
“Should the spin-off project be approved, Canal+ will have the capacity to independently allocate and optimise [uts] capital structures to address specific market dynamics,” said Vivendi in a statement.
“[The company] will pursue [its] own strategic objectives, including through acquisitions and other growth opportunities.”
Vivendi first announced in September 2023 that it was studying a project to split up its various entities, which also include Havas and Louis Hachette Group.
At the time, Vivendi said the distribution and listing of Universal Music Group in 2021, led to a “high conglomerate discount”, resulting in a valuation less than the sum of its constituent parts, which in turn limited its ability to grow its subsidiaries.
In July, Vivendi said should its plans be approved, it would list Canal+ on the London Stock Exchange, adding the move “reflects the company’s international dimension, particularly as part of the ongoing combination with Multichoice.
“With close to two-thirds of its subscribers outside of France, a film and TV series distribution network present on all continents, and growth drivers resulting from its recent developments on the African, European, and Asia-Pacific markets, a London-based listing would represent an attractive solution for international investors likely to be interested in the group,” added Vivendi.
