French media, telecom giant voted to change name.
The French media and telecom giant Vivendi Universal has voted to drop the word Universal from its name. The company will be now known as Vivendi. It had to jettison the Universal moniker as part of a previous deal with GE that formed NBC Universal. Vivendi has the rights to the Universal Music Group name through 2029.
As reported yesterday, Universal Music Group’s first quarter revenues increased 8.4% to €1.1 billion ($1.4 billion) driven by strong digital sales, improved business in Japan and growth in publishing. Revenues increased 2.8% on a constant currency basis. Digital sales for the quarter increased 146% to €111 million ($137 million) and represented 10% of UMG’s total revenues. UMG’s sales results were reported as part of preliminary first quarter results released by parent company Vivendi Universal.