Vivendi

Update on the Study of the Split Project

Regulatory News:

Vivendi’s (Paris:VIV) Management Board presented today to the Supervisory Board an update on the feasibility study of the split project announced on December 13, 2023.

Since the distribution and listing of Universal Music Group in 2021, Vivendi has endured a significantly high conglomerate discount, substantially reducing its valuation and thereby limiting its ability to carry out external growth transactions for its subsidiaries. Canal+, Havas and Lagardère are currently experiencing strong growth in an international context marked by numerous investment opportunities.

In order to fully unleash the development potential of all its activities, the Management Board of Vivendi proposed to the Supervisory Board on December 13, 2023, the possibility to explore the feasibility of a project to split the company into several entities, each of which would be listed on the stock market.

The Management Board today proposed to the Supervisory Board – which gave its approval on the matter – to structure the split around four entities:

• Canal+
  Canal+ Group has experienced significant growth in recent years, reaching a subscriber base of over 25 million in nearly 50 countries. Following the acquisitions of M7 and SPI, the company has taken strategic stakes in businesses such as MultiChoice, Viu and Viaplay, demonstrating its ability to identify and seize promising opportunities across all its geographical areas. In light of these successes, Canal+ is well-positioned to capitalize on further consolidation opportunities on a global scale.
  
  
• Havas
  As one of the global leaders in communications, Havas brings together over 23,000 employees spread across more than 100 countries. The group has maintained a steady pace of targeted acquisitions over the past two years, thereby strengthening its range of expertise and geographic footprint. Havas has also launched numerous innovative solutions to meet the needs of its clients. The impressive momentum demonstrated by Havas on a global scale paves the way for an accelerated development and the continuation of its successful transformation.
  
  
• A company grouping the assets in publishing and distribution
  This newly created entity would group Vivendi’s majority stake in Lagardère and wholly owned Prisma Media. Lagardère is a worldwide group present in more than 40 countries with over 27,000 employees. It is the third largest book publisher for the general public and educational markets and a global leader in Travel Retail. It also includes press and live entertainment activities. Prisma Media is the leader of magazine publications and online media in France with a portfolio of some 30 brands. This entity would foster collaboration between the different activities related to publishing in its broadest sense.