Vivendi ’s biggest units, broadcaster Canal+ and advertising business Havas, expect diverging revenue trends this year and next, based on targets outlined by the group ahead of a four way breakup planned for next month.
The French media group steered by the Bollore family is gearing up for a split under which it would separate three units, Canal+, Havas and Louis Hachette Group, from a slimmed-down Vivendi, which would be home to Gameloft videogame business and a range of investments such as a stake in Universal Music Group.

The move aims to address Vivendi’s so called conglomerate discount, or the gap between the group’s valuation and that of the sum of its parts.
Vivendi said that this year’s revenue at Canal+, the biggest of the businesses to be spun off, is expected to be broadly in line with 2023, when the unit posted a 3.2% increase in reported terms and a 2.9% rise on an organic basis.
In 2025, organic revenue growth at Canal+ will be mitigated by the anticipated end of broadcasting of its French free-to-air channel C8 and of sublicensing contracts and third-party content deals in France, Vivendi said.

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