Vivendi chairman says UniversalMusicGroup sale 'still on track' -- just not this year
in a new interview that "everything's fine" regarding the French conglomerate's loose-timelined plan to sell up to 50% of Universal Music Group. The executive said Vivendi's advisory board is working with UMG's management to find the right "strategic financial partner" in order to "accelerate the growth" of the label, but insists they are in no rush to do it.
Vivendi announced its intent to sell half of UMG's share capital on July 30 of last year, which coincided with management's decision to scuttle a plan to take the label group public., Videndi has already actively engaged in conversations with potential suitors, namely Liberty Media and Tencent, but any deal between the parties would be complicated and likely face potential conflicts of interest and possibly regulatory speed bumps.
"You know we're not in a hurry," he said. "Vivendi is doing very well. UMG is doing very well. The question is how to find the right partner -- up to 50%. Once again, everything's fine -- trust me."
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