UPDATE 2-Vivendi Q3 beats forecasts, no word on M&A

* Q3 EBITA 1.346 bln euros, analysts f'cast 1.28 bln euros

* SFR EBITA up 10.2 pct, UMG EBITA down 61.1 pct in Q3

* Keeps 2009 financial goals

* CFO declines to discuss GVT, NBCU (Adds CFO comments from call, details, byline)

By Dominique Vidalon

PARIS, Nov 12 (Reuters) - Vivendi (VIV.PA), Europe's largest entertainment group, delivered a better-than-expected 5.1 percent rise in its third-quarter underlying profit on Thursday and said it would stick to its 2009 forecasts.

The owner of Universal Music Group, the world's biggest record company, said strength at its SFR telecoms division and pay-TV Canal Plus units offset a weak music business.

Vivendi, which in September made a friendly $3 billion offer for Brazil's GVT -- but that bid has since been trumped by Spanish rival Telefonica TEF.PA -- kept silent on its M&A plans.

Chief Financial Officer Philippe Capron started an analysts call by saying that he would discuss neither GVT nor Vivendi's plans for its 20 percent stake in U.S. media group NBCU --broadcaster NBC Universal.

Vivendi remained committed to its "BBB" debt rating and did not expect a significant cash outflow between now and the end of the year while net debt at the end of 2009, excluding acquisitions, was still expected to slightly exceed 7 billion euros, he said.

Vivendi reaffirmed its 2009 forecast for a strong rise in operating income, solid net adjusted net income leading to another strong dividend with a distribution rate of at least 50 percent.

Investors had been anxious to hear what Vivendi would do with its 20-percent stake in NBCU as a sale could pave the way for a joint-venture deal between General Electric (GE.N), which owns 80 percent of NBCU, and Comcast Corp CMSA.O, to create a multibillion-dollar content powerhouse spanning broadcast TV, cable networks, movie and theme park assets.

Any deal between GE and Comcast would depend on Vivendi selling its NBCU stake.

Each year between mid-November and mid-December, Vivendi has to decide whether to exercise its put-option to sell the stake. Sources have said that this year, Vivendi is eager to dispose of the stake and is determined to get good value for it.

STRONG Q3 FOR SFR EBITA

With 70 percent of revenue coming from phone, Internet, pay-TV and online video-games subscriptions, Vivendi has a business model that continued to prove its resilience to an economic climate, which Capron said was "more challenging than anticipated" in 2009.

The owner of Activision Blizzard, the world's biggest video-game company, and of SFR -- France's second-biggest mobile telecoms service operator -- said third-quarter earnings before interest, taxes and amortisation (EBITA) rose 5.1 percent to 1.346 billion euros. Revenue declined 2.5 percent to 6.347 billion euros.

A Reuters poll of 10 analysts was for EBITA of 1.28 billion euros and sales of 6.362 billion euros.

The strong commercial performance of SFR -- whose EBITA rose 10.2 percent in the third quarter -- and of pay-TV unit Canal Plus -- whose EBITA rose 4.4 percent-- offset a 61.1 percent slump in Universal Music's EBITA.

SFR continued to reap the benefits from its merger with fixed phone operator Cegetel and delivered a strong commercial performance both in mobile and ADSL net subscriber adds. This was achieved "despite greater regulatory pressure," Capron said.

Mobile service revenue declined 3.3 percent in the third quarter due to a fee cut in mobile termination rate (MTR) last July.

SFR should, however, have a less favourable fourth quarter in terms of profitability as it could spend more to attract new customers during the crucial Christmas holiday season.

Universal Music, whose top-selling artists in the first nine months of the year included U2, Lady Gaga, Eminem, Black Eyed Peas and Taylor Swift, was hit with lower physical record sales and a light release schedule.

The group also suffered from market share gains by Sony (6758.T) as sales of Michael Jackson's records spiked after his death in June.

Vivendi's shares have lost 15 percent so far this year, underperforming a 12 percent gain in the European media sector .SXMP and an 8 percent gain in European telecoms .SXKP. (Reporting by Dominique Vidalon; Editing by Greg Mahlich and Maureen Bavdek)