Vivendi Preparing for 'Potential' Universal Music Group Stock Listing
Universal Music Group parent company Vivendi is considering a public offering for the music company, according to reports from a shareholder meeting in Paris on Thursday (April 19). Reuters first reported the news.
"We have started work that will allow us to present the benefits of a potential listing of UMG to the supervisory board," said CEO Arnaud de Puyfontaine, according to Reuters.
Billboard has reached out to Vivendi for further comment, but did not receive a response at time of publishing.
UMG is Vivendi's largest asset and the world's biggest label with a roster including Drake, Taylor Swift, Rihanna, The Beatles and more. Last year, the company's revenue increased 10 percent, thanks largely to growing streaming revenues.
In a February conference call with analysts de Puyfontaine sidestepped the question of listing the company as its own stock when asked about it. "I will keep on repeating that there is no plan yet as we go out to any kind of a listing," he said. But he added, "in due time for the right reasons at the right rationale… we keep that possibility as an option, but as we speak there is no plan for such move."
Following de Puyfontaine's comments on Thursday, Vivendi shares gained 3.4 percent over the day.