Vivendi has upped its stake in Telecom Italia from 21.4% to 22.8%, paying between €0.82 and €0.83 per share between 16 February and 19 February. The period coincides with the announcement of the Italian incumbent’s FY 2015 results and three-year strategic plan, after which its shares dropped 6.5% to €0.80 per share.
Vivendi (EPA:VIV), the French media conglomerate, has upped its stake in Telecom Italia (BIT:TIT) from 21.4% to 22.8%. According to an SEC filing, it spent €161.4m (US$177.7m), paying between €0.82 and €0.83 per share, in on-market and off-market transactions taking place between 16 February and 19 February.
The period coincides with the Italian incumbent’s FY 2015 results and new three-year strategic plan, which foresaw a significant rise in capex. The market initially punished the shares, which fell 6.5% to €0.80 per share following the announcement, before returning to the €0.90 per share mark after a long and detailed investor day.
In what may have been a nod to Vivendi, Telecom Italia stated its aim was to “make the transition to a platform company”. It said it would deploy a “content platform strategy maintaining a provider agnostic position, pursuing new content distribution opportunities on ‘arm’s length’ terms with all partners”.
According to Corriere della Sera, Vivendi has made an offer for Mediaset Premium, the pay-TV business of broadcaster Mediaset, which is controlled by former Italian Prime Minister Silvio Berlusconi.
In April 2015, Vivendi chairman Vincent Bolloré (pictured) was already reported to be considering using a mix of cash and Telecom Italia shares to stage an offer for Mediaset or Mediaset Premium.
He has also been linked by the US press to interest in building a European OTT service that could rival Netflix.
In the last week, Vivendi has launched a hostile takeover bid for its 30%-owned video game subsidiary Gameloft, while its French pay-TV business Canal Plus has entered exclusive distribution talks with Qatar-based premium content rival beIN Sports. In 2014, he led Vivendi’s exit from telecoms, selling French mobile operator SFR, Maroc Telecom and Brazilian cableco GVT.
Names Nusse as Universal Music France CEO
In other news, Vivendi subsidiary Universal Music Group (UMG) has appointed Olivier Nusse as CEO of Universal Music France. He has spent more than 20 years at UMG, most recently as managing director of Mercury Music Group and Universal Classic & Jazz France.
Nusse succeeds Pascal Nègre, who has led Universal Music France since 1998.
