Business

Vivendi shareholders approve plan to spin-off Universal division

Shareholders of French media giant Vivendi overwhelmingly approved on Tuesday its plan to spin off its prized Universal music business.

FILE PHOTO: French media giant Vivendi logo in Paris
FILE PHOTO: The logo of Vivendi is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, France, April 22, 2021. REUTERS/Gonzalo Fuentes
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PARIS: Shareholders of French media giant Vivendi overwhelmingly approved on Tuesday its plan to spin off its prized Universal music business.

The proposal, which involves the distribution of 60per cent of Universal Music Group's shares to Vivendi shareholders, received more than 99per cent of votes at the company's annual shareholders meeting.

Vivendi plans to list Universal, valued at 33 billion euros (US$39 billion) by its parent company, in Amsterdam in late September.

(Reporting by Mathieu Rosemain; Editing by Sudip Kar-Gupta)

Source: Reuters