July 31, 2018 / 7:14 AM / a year ago

Vivendi shares surge after results and UMG stake sale plan

PARIS, July 31 (Reuters) - Shares in French media conglomerate Vivendi rose sharply on Tuesday after Vivendi posted higher interim profits and said it was considering selling up to half of its UMG music division.

Vivendi shares were up 5 percent in early trading, among the top performers on both the Paris and broader European stock markets .

Vivendi said late on Monday that it was considering selling up to half of its UMG music division to one or several strategic partners, ending months of speculation about a potential stock market listing of the business, whose value soared on booming streaming revenues.

“2Q results were dominated by Vivendi putting for sale of up to half of Universal Music Group to one or more strategic partners. This is good news,” wrote Deutsche Bank analysts in a research note. (Reporting by Sudip Kar-Gupta, editing by Louise Heavens)

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