Vivendi SE is in talks to sell its Editis publishing business to billionaire Daniel Kretinsky’s International Media Invest.
(Bloomberg) — Vivendi SE is in talks to sell its Editis publishing business to billionaire Daniel Kretinsky’s International Media Invest.
The French media giant chose to enter into exclusive negotiations with the subsidiary of Kretinsky’s Czech Media Invest after reviewing several offers for Editis, Vivendi said in a statement on Tuesday. Any deal would be subject to approval from the European Commission, it said.
Selling the unit may ease antitrust concerns around its proposed deal for Lagardere SA, which includes publishing house Hachette, and would give Vivendi a dominant position in the French media landscape. The company, controlled by billionaire Vincent Bollore may get about €700 million ($748 million) for the unit, according to a November report from newspaper Le Figaro. Editis reported an 8% decline in revenues last year to €789 million.
Because of the talks, Vivendi will hold off on plans to list and distribute Editis shares to investors. The European Commission has until May 23 to have its say on the Lagardere takeover.
Kretinsky made his fortune by buying power plants with his group EPH, and is on an investment spree to diversify his assets, including in the media sector in France. He is a minority shareholder of newspaper Le Monde and TV channel TF1.
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