PARIS (Reuters) – Vivendi reported third-quarter revenue of 68 million euros on Tuesday, down slightly by 0.9% year-on-year at constant exchange rates and scope.

The holding company, whose supervisory board is chaired by Yannick Bolloré, was pleased with its progress over the first nine months of the year, up 5.2% at constant exchange rates and scope, estimating that “this development reflects the good performance” of its participation in the Gameloft video game group.

Vivendi, whose main shareholder is the Bolloré group, has been facing several legal uncertainties in recent months linked to its split as well as its takeover of the group active in media, entertainment and Lagardère publishing.

Vivendi completed its split in December 2024, listing the audiovisual group Canal+, the advertising agency Havas and the publishing group Louis Hachette on the stock market.

Bolloré now owns its stakes in all four entities directly, while Vivendi has stakes in listed and unlisted companies in the media and entertainment sectors, including Gameloft, UMG, Lagardère and Banijay.

In its letter to shareholders published at the end of September, Vivendi management estimated its portfolio at 7 billion euros as of June 30, 2025.

LEGAL FRONTS

The split from Vivendi caused a series of legal difficulties for the group and its shareholder Bolloré. The Financial Markets Authority ordered the latter to launch a public buyout offer on Vivendi within six months – a decision which Bolloré appealed.

The AMF’s July decision stemmed from a rare decision by the Paris Court of Appeal issued in April. The court ruled that Bolloré controlled Vivendi and that the AMF had to re-examine the conditions of its split. Bolloré and Vivendi also contested this decision.

A hearing must take place at the Court of Cassation on November 25, recalls Vivendi in its press release published Tuesday.

As the AMF indicated in July, the implementation of a possible public buyout offer on Vivendi would only take place after the Court of Cassation has delivered its judgment.

Vivendi faces another legal obstacle. The European Commission accuses him of having implemented the takeover of Lagardère before having notified it to the Commission and before the latter had authorized it, according to a statement of objections sent by the Commission in July.

Vivendi indicated in July that it contested these complaints.

Brussels believes that Vivendi exercised influence over Lagardère before the notification and authorization of the operation, for example by intervening in the editorial choices of Lagardère media, such as Paris Match and JDD or even Europe 1 radio.

The group risks a fine of 10% of its total turnover.

(Written by Florence Loève, edited by Augustin Turpin)

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