April 19, 2018 / 9:31 AM / a year ago

Vivendi reviewing possible Universal Music IPO, CEO says

FILE PHOTO: The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau/File Photo

PARIS (Reuters) - French media group Vivendi has started to review the possibility of listing its wholly-owned music division, Chief Executive Officer Arnaud de Puyfontaine said on Thursday.

The division, Universal Music Group (UMG), is the world’s biggest music label, with a portfolio of artists ranging from The Beatles to Taylor Swift, Drake and Rihanna.

The success of online streaming services has boosted UMG’s value, driving up the shares of Vivendi and fuelling speculation about a possible initial public offering (IPO).

“We have started work that will allow us to present the benefits of a potential listing of UMG to the supervisory board,” de Puyfontaine said at Vivendi’s annual general meeting in Paris.

Vivendi shares, which were broadly flat before the CEO’s comments, gained 1.2 percent by 0936 GMT.

Reporting by Mathieu Rosemain; editing by Michel Rose

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