Vivendi to dispose of a 60% stake in Universal Music Group.

Vivendi, a media conglomerate, agreed to dispose of a 60% stake in Universal Music Group, a music company. Financial terms were not disclosed. The plan to list Universal represents part of a process launched by Vivendi’s top shareholder French billionaire Vincent Bollore to cash in on the music industry’s revival. “Vivendi’s leading institutional shareholders have been pressing for a number of years for a split or the distribution of Universal Music Group to reduce Vivendi’s conglomerate discount,” Vivendi.