Vivendi's most prized division Universal, the music label behind artists like Justin Bieber and Taylor Swift, drove group first-half results, bolstering its position two months before its planned spin-off and listing in Amsterdam, reports Reuters.
The transaction, carefully designed over the last two years by Vivendi's top investor, Vincent Bollore, aims to cash in on the music industry rebound, underpinned by booming streaming revenues but also a recent surge in sales of vinyl records and CDs.
With an estimated enterprise value of 35 billion euros ($41 billion), according to Vivendi, Universal Music Group (UMG) is worth more than the market value of its own parent company.
The spin-off involves the distribution of 60% of Universal's shares to Vivendi's shareholders.
The deal has become high profile in the United States, as billionaire Bill Ackman plans to buy 10% in the company after he failed to do so via a special purpose acquisition company (SPAC).
Universal's core profits represented about three quarters of Vivendi's first-half earning before interest, tax and amortisation (EBITA), at 753 million euros.
Vivendi's other key subsidiaries, pay-TV Canal Plus, advertising group Havas and publishing unit Editis, also contributed to core profits, which rose by 49% from a year earlier.
Group revenues over the period were up by 12% to 8.22 billion euros.
Universal's market debut and spin-off are scheduled for Sept. 21, Vivendi confirmed. Universal will hold a capital markets day of briefings for analysts and investors on Aug. 25, it said.
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