Vivendi to set out in a new direction

The group has said there are “no taboos” in its quest for a fresh direction after realising that its hybrid bundling of telecom, music, pay-TV and video games units lacks synergies and is unattractive to shareholders.

Vivendi has been reviewing its structure since April in an effort to revive a flagging share price and pay down its debt.

Before the strategy overhaul began, Vivendi shares were mired around 12 euros, a low not seen for a decade. The stock has recovered since April.

Asked when Vivendi would take action on its strategy review and asset sales, finance director Philippe Capron said: “We are not under immediate pressure and have given ourselves no specific calendar.

“But we have raised hopes in the investor community that we cannot disappoint by taking years and years to figure out what we want to be. We will likely need to act in the coming quarters.”