# Vivendi
**Vivendi** is a French investment company listed on Euronext Paris that manages a portfolio of listed and unlisted equity interests in content, media and entertainment groups. It is the successor of the Compagnie générale des eaux (Compagnie Générale des Eaux), a water company founded in Paris in 1853, and following the December 2024 spin-off, which deconsolidated Canal+, Louis Hachette Group and Havas NV, its wholly owned operating asset is the video game company Gameloft, alongside minority stakes in [Universal Music Group](https://www.edgepedia.org/universal-music-group), Banijay, MediaForEurope, and Prisa.[1](https://www.vivendi.com/wp-content/uploads/2025/04/20250407_VIV_VIVENDI_URD_EN.pdf) • [2](https://companiesmarketcap.com/universal-registration-documents/577.urd.en.2025.pdf)
| Key fact | Detail |
|---|---|
| Founded | Paris, by deed of December 12, 1853, as the Compagnie générale des eaux; a société anonyme under French law[3](https://www.sec.gov/Archives/edgar/data/920617/000095012300008422/y39885a1ex1.txt) |
| Peak scale | Until October 2002, the world's second-largest communications group after AOL Time Warner, organized in seven branches[4](https://www.larousse.fr/encyclopedie/divers/Vivendi/149177) |
| Peak debt and recovery | Financial net debt of €37.1 billion at December 31, 2001 reduced to €3.8 billion at December 31, 2005, after roughly €25 billion of asset divestitures[5](https://www.sec.gov/Archives/edgar/data/1127055/000095012306008351/y01428e20vf.htm) |
| 2024 spin-off | Completed December 13, 2024, deconsolidating Canal+, Louis Hachette Group and Havas NV; approved by 97.5% of shareholders[1](https://www.vivendi.com/wp-content/uploads/2025/04/20250407_VIV_VIVENDI_URD_EN.pdf) |
| Post-split finances | Net asset value €4.829 billion (€4.69 per share) and investment portfolio €7.121 billion at December 31, 2024[6](https://www.vivendi.com/wp-content/uploads/2025/03/20250306_VIV_PR_FY2024-Vivendi-Results.pdf) |
| Ownership | Bolloré Group held 29.90% of the share capital at December 31, 2024; group employees held 2.32%[1](https://www.vivendi.com/wp-content/uploads/2025/04/20250407_VIV_VIVENDI_URD_EN.pdf) |
| Main stakes (2025) | 9.91% of Universal Music Group, 19.17% of Banijay Group, 15.92% of MediaForEurope, 11.19% of Prisa[2](https://companiesmarketcap.com/universal-registration-documents/577.urd.en.2025.pdf) |
## Vivendi today
After the December 2024 spin-off, Vivendi describes itself as pursuing growth by leveraging a portfolio of listed and unlisted equity interests in leading groups in content, media and entertainment.[1](https://www.vivendi.com/wp-content/uploads/2025/04/20250407_VIV_VIVENDI_URD_EN.pdf) Its listed stakes as of the 2025 registration document were 9.91% of Universal Music Group, 19.17% of [Banijay Group](https://www.edgepedia.org/banijay-group), 15.92% of MediaForEurope and 11.19% of Prisa.[2](https://companiesmarketcap.com/universal-registration-documents/577.urd.en.2025.pdf) Among its unlisted assets, Gameloft, a video game company historically focused on mobile gaming that has moved into PC, console and digital platform games, is the only entity Vivendi wholly owns.[1](https://www.vivendi.com/wp-content/uploads/2025/04/20250407_VIV_VIVENDI_URD_EN.pdf) • [2](https://companiesmarketcap.com/universal-registration-documents/577.urd.en.2025.pdf)
## Origins: Compagnie Générale des Eaux (1853–1998)
The company was formed in Paris by deed of December 12, 1853, and is a société anonyme governed by French law.[3](https://www.sec.gov/Archives/edgar/data/920617/000095012300008422/y39885a1ex1.txt) [The Italian](https://www.edgepedia.org/the-italian) encyclopedia Treccani records that it was founded in 1853 by imperial decree of [Napoleon III](https://www.edgepedia.org/napoleon-iii) as the Compagnie générale des eaux.[7](https://www.treccani.it/enciclopedia/vivendi_%28Dizionario-di-Economia-e-Finanza%29/) Its historic corporate purpose covered environment-related activities, in particular water, wastewater treatment, energy, transport and waste management.[3](https://www.sec.gov/Archives/edgar/data/920617/000095012300008422/y39885a1ex1.txt) The French Larousse encyclopedia identifies Vivendi as a French communications group issued in 1998 from the Compagnie générale des eaux.[4](https://www.larousse.fr/encyclopedie/divers/Vivendi/149177)
## The Vivendi Universal era and the 2002 crisis
In December 2000, the present-day media company came into being when Vivendi SA, The Seagram Company Ltd., and Canal Plus SA combined, with Vivendi SA remaining as the parent that survived the combination.[5](https://www.sec.gov/Archives/edgar/data/1127055/000095012306008351/y01428e20vf.htm) Until October 2002, Vivendi Universal was the world's second-largest communications group, after AOL Time Warner, organized into seven branches: environment; telecommunications (Cegetel, SFR, Vivendi Telecom International); music (Universal Music Group, with labels including Decca, Deutsche Grammophon, MCA, Mercury, Motown, Philips and Verve); cinema (Universal Studios) and theme parks; television (the Canal Plus group); publishing (Vivendi Universal Publishing, VUP); and the internet, including the Vizzavi portal.[4](https://www.larousse.fr/encyclopedie/divers/Vivendi/149177)
**The 2002 collapse.** After the resignation of the chief executive Jean-Marie Messier, Vivendi Universal was forced by its banks to sell assets to reduce debt.[4](https://www.larousse.fr/encyclopedie/divers/Vivendi/149177) In October 2002 it announced the sale of its publishing branch VUP to Lagardère, and the European Commission required Lagardère to resell 60% of the acquired assets.[4](https://www.larousse.fr/encyclopedie/divers/Vivendi/149177)
## Rebuilding after 2002
After new management was appointed in July 2002, the group divested approximately €25 billion in assets and reduced financial net debt from €37.1 billion as of December 31, 2001 (under French GAAP) to €3.8 billion as of December 31, 2005 (under IFRS).[5](https://www.sec.gov/Archives/edgar/data/1127055/000095012306008351/y01428e20vf.htm) The 2004 NBC-Universal transaction gave Vivendi a 20% interest in NBC Universal: an enterprise value of approximately €10.2 billion was attributed to Vivendi Universal Entertainment, corresponding to a €5.3 billion reduction in financial net debt and a €4.9 billion value for the 20% stake.[5](https://www.sec.gov/Archives/edgar/data/1127055/000095012306008351/y01428e20vf.htm) In 2011, Comcast and [General Electric](https://www.edgepedia.org/general-electric) acquired Vivendi's NBC Universal stakes.[7](https://www.treccani.it/enciclopedia/vivendi_%28Dizionario-di-Economia-e-Finanza%29/)
Shareholders authorized the change of name from Vivendi Universal back to Vivendi at the annual meeting of April 20, 2006.[5](https://www.sec.gov/Archives/edgar/data/1127055/000095012306008351/y01428e20vf.htm) From 2006 the group's main branches were telecommunications (SFR, Neuf Cegetel), music (Universal Music Group), television (Canal+) and video games ([Vivendi Games](https://www.edgepedia.org/vivendi-games)).[4](https://www.larousse.fr/encyclopedie/divers/Vivendi/149177) Treccani records that the group progressively diversified away from its original water-management business into video games ([Activision Blizzard](https://www.edgepedia.org/activision-blizzard)), music (Universal Music), telecoms (SFR) and pay TV (Canal+), with international operations including [Maroc Telecom](https://www.edgepedia.org/maroc-telecom) and GVT Brazil; in 2010 it recorded more than €28 billion in revenue and over 51,000 employees.[7](https://www.treccani.it/enciclopedia/vivendi_%28Dizionario-di-Economia-e-Finanza%29/) In telecoms, Vodafone sold its SFR stakes to Vivendi in 2011.[7](https://www.treccani.it/enciclopedia/vivendi_%28Dizionario-di-Economia-e-Finanza%29/)
## The Bolloré era and the 2024 split
On June 24, 2014, [Vincent Bolloré](https://www.edgepedia.org/vincent-bollore) was appointed Chairman of the Supervisory Board of Vivendi.[1](https://www.vivendi.com/wp-content/uploads/2025/04/20250407_VIV_VIVENDI_URD_EN.pdf) • [9](https://www.vivendi.com/en/press-release/all-resolutions-approved-by-the-shareholders-meeting-vincent-bollore-chairman-of-the-supervisory-board-new-management-board-arnaud-de-puyfontaine-chairman-herve-philippe-and-stephane-ro/) The transaction with Lagardère, completed on November 21, 2023, made Vivendi the world's third-largest consumer and educational publishing group, with travel retail through Lagardère Travel Retail.[1](https://www.vivendi.com/wp-content/uploads/2025/04/20250407_VIV_VIVENDI_URD_EN.pdf)
**Why the split.** After Universal Music Group was distributed and listed in September 2021, Vivendi's stock had been priced with a holding company discount (shares trading below the summed value of the subsidiaries owned), which depressed its valuation and restricted how much its subsidiaries could pursue acquisitions.[1](https://www.vivendi.com/wp-content/uploads/2025/04/20250407_VIV_VIVENDI_URD_EN.pdf) In December 2023 the group launched a feasibility study of splitting into stand-alone listed companies; the 2023 registration document described a project to split into four listed entities: [Canal+ Group](https://www.edgepedia.org/canal-group), Havas, Lagardère-Prisma Media, and an investment company holding both listed and unlisted financial interests.[1](https://www.vivendi.com/wp-content/uploads/2025/04/20250407_VIV_VIVENDI_URD_EN.pdf) • [8](https://www.louishachettegroup.com/wp-content/uploads/2024/12/6_c_Document_enregistrement_universel_2023_Vivendi-SE_ENG.pdf)
**Execution.** Shareholders approved the split with 97.5% in favor at the December 9, 2024 General Shareholders' Meeting, and it was completed on December 13, 2024, deconsolidating Canal+, Louis Hachette Group (combining 66.53% of Lagardère and 100% of Prisma Media) and Havas NV. Canal+, Havas and [Louis Hachette Group](https://www.edgepedia.org/louis-hachette-group) were listed on the London, Amsterdam and Paris stock markets respectively.[1](https://www.vivendi.com/wp-content/uploads/2025/04/20250407_VIV_VIVENDI_URD_EN.pdf)
## By the numbers
The 2024 accounts show the accounting effect of the split. Vivendi's 2024 revenues were €297 million, down 4.9% from €312 million in 2023.[6](https://www.vivendi.com/wp-content/uploads/2025/03/20250306_VIV_PR_FY2024-Vivendi-Results.pdf) Earnings attributable to Vivendi SE shareowners were a loss of €6,004 million (−€5.96 per share, basic), against a profit of €405 million in 2023, mainly reflecting capital losses of −€5,875 million on the deconsolidation of Canal+, Louis Hachette Group and Havas, a −€140 million Gameloft goodwill impairment, and −€96 million from the settlement agreement with institutional investors entered into on June 28, 2024.[6](https://www.vivendi.com/wp-content/uploads/2025/03/20250306_VIV_PR_FY2024-Vivendi-Results.pdf)
At December 31, 2024 the net asset value, reflecting the estimated value net of financial liabilities of all the group's investments, was €4.829 billion, or €4.69 per share, and the investment portfolio was valued at €7.121 billion.[6](https://www.vivendi.com/wp-content/uploads/2025/03/20250306_VIV_PR_FY2024-Vivendi-Results.pdf) The company reported total equity of €4.59 billion and financial net debt of €2.57 billion.[1](https://www.vivendi.com/wp-content/uploads/2025/04/20250407_VIV_VIVENDI_URD_EN.pdf) The FY2024 press release gives financial net debt of €2,072 million as of the same date, adjusted for a €500 million loan to Lagardère; the two figures differ in treatment of that loan.[6](https://www.vivendi.com/wp-content/uploads/2025/03/20250306_VIV_PR_FY2024-Vivendi-Results.pdf)
## What has changed since 2023
The sequence of recent changes runs: the Lagardère combination completed November 21, 2023; the split feasibility study launched in December 2023; the sale of the international ticketing and festivals businesses on June 6, 2024; the shareholder approval on December 9, 2024 and the spin-off on December 13, 2024, with the London, Amsterdam and Paris listings of Canal+, Havas and Louis Hachette Group respectively.[1](https://www.vivendi.com/wp-content/uploads/2025/04/20250407_VIV_VIVENDI_URD_EN.pdf) In 2025, Vivendi sold its stake in TIM, Italy's leading telecoms operator, to [Poste Italiane](https://www.edgepedia.org/poste-italiane), and also sold its shares in [Telefónica](https://www.edgepedia.org/telefonica).[2](https://companiesmarketcap.com/universal-registration-documents/577.urd.en.2025.pdf)
## References
1. [Vivendi Universal Registration Document 2024 (April 2025), Vivendi](https://www.vivendi.com/wp-content/uploads/2025/04/20250407_VIV_VIVENDI_URD_EN.pdf)
2. [Vivendi 2025 Universal Registration Document (hosted copy)](https://companiesmarketcap.com/universal-registration-documents/577.urd.en.2025.pdf)
3. [Vivendi corporate statutes, SEC filing (2000)](https://www.sec.gov/Archives/edgar/data/920617/000095012300008422/y39885a1ex1.txt)
4. [Vivendi, Larousse encyclopedia (French)](https://www.larousse.fr/encyclopedie/divers/Vivendi/149177)
5. [Vivendi Form 20-F, SEC (2006)](https://www.sec.gov/Archives/edgar/data/1127055/000095012306008351/y01428e20vf.htm)
6. [Vivendi FY2024 Results press release (March 6, 2025)](https://www.vivendi.com/wp-content/uploads/2025/03/20250306_VIV_PR_FY2024-Vivendi-Results.pdf)
7. [Vivendi, Treccani, Dizionario di Economia e Finanza (Italian)](https://www.treccani.it/enciclopedia/vivendi_%28Dizionario-di-Economia-e-Finanza%29/)
8. [Vivendi SE 2023 Universal Registration Document](https://www.louishachettegroup.com/wp-content/uploads/2024/12/6_c_Document_enregistrement_universel_2023_Vivendi-SE_ENG.pdf)
9. [All Resolutions Approved by the Shareholders Meeting Vincent Bollore Chairman of the Supervisory Board New Management Board Arnaud De Puyfontaine Chairman Herve Philippe and Stephane Ro, vivendi.com](https://www.vivendi.com/en/press-release/all-resolutions-approved-by-the-shareholders-meeting-vincent-bollore-chairman-of-the-supervisory-board-new-management-board-arnaud-de-puyfontaine-chairman-herve-philippe-and-stephane-ro/)
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*Topic: Encyclopedia › Arts and culture › Screen and stage › Film and television › Screen production organizations*
*Initially written Sep 17, 2026 · Reviewed: Sep 30, 2026; Oct 25, 2026 · Edited: Oct 15, 2026; Oct 25, 2026 · Last review: Oct 25, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license