September 23, 2024 07:19 GMT
COMMUNICATIONS: Vivendi Transfers Small Assets To Canal+; Not A Mover
COMMUNICATIONS
Baa2 25s/26s/27s muted today but +10c/20c/80c on the month at EUR 98.3/99.4/95.7
There are Vivendi headlines from Friday’s close about a transfer of assets to Canal+; the relevant press release notes that this is for the sake of consistency and makes no mention made of the group breakup plan. Could be read as pre-breakup house-cleaning. The units/amounts involved are negligible.
• Canal+ Group's new structure includes GVA (telecom services in Africa), Dailymotion, and multiple performance venues.
• New unit has FY23-equivalent revenue of EUR 6223bn, EBITA of EUR 472mn and CFFO of EUR 315mn.
• Canal+ reported FY23 revenue, EBITA and CFFO of EUR 6059mn, EUR 626mn and EUR 398mn for context.
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