French media conglom Vivendi said Tuesday it acquired 10.6% of fellow Gallic multi-media giant Lagardere.
It didn’t reveal the price but noted the purchase follows its recent sale of 10% – of its 100% stake – in Universal Music Group that was based on an enterprise value of €30 billion ($32.5 billion) for the division.
Vivendi called the acquisition “a long-term financial investment reflecting Vivendi’s confidence in the future prospects of the French group which enjoys international leadership positions in its businesses and which, like many others, is experiencing difficult times at the moment.”
Struggling Lagadere has interests in entertainment, publishing, travel and retail. It’s the parent of Lagadere Studios, whose Atlantique Productions teamed up with Netflix on Damiel Chazelle’s Paris-set musical drama The Eddy coming to the streamer in May.
Vivendi announced quarterly earnings yesterday with solid sales in music (UMG) and television (Canal+) offsetting weakness in advertising and publishing. It noted that Tencent of China, which bought the 10% stake in UMG, has the option to pick up another 10% in March of 2021.