Vivendi plans an IPO of Universal by early 2023 at the latest
PARIS, Feb 13 (Reuters) - French media conglomerate Vivendi said on Thursday it planned to list its most-prized asset, Universal Music Group, by early 2023 at the latest.
Vivendi, controlled by billionaire Vincent Bollore, said Universal yielded record profits in 2019, with earnings before interest, tax and amortisation jumping by 22% at constant currency and perimeter from a year earlier to 1.12 billion euros ($1.21 billion).
Universal's performance propelled group revenues, which advanced by close to 5.6% on a comparable basis, to 15.9 billion euros.
A consortium led by China's Tencent bought 10% of the music label last December, in a deal that valued Universal at 30 billion euros. ($1 = 0.9221 euros) (Reporting by Mathieu Rosemain, Editing by Sarah White)
