PARIS, France (CelebrityAccess) — Vivendi has taken another step to a possible sale in subsidiary Universal Music Group after it appointed a bank to manage the sale of a minority interest in the music giant.
“The opening of UMG’s share capital for the acquisition of a minority interest by one or more partners is progressing as previously announced, with the participation of UMG’s management teams. Several contacts have already been established with potential strategic partners,” UMG said in a financial filing.
The revelation came as part of Vivendi’s second-quarter financial statements, which showed record results for UMG for the quarter.
For Q2, Vivendi reported that Universal’s revenues topped €3.2 billion, up by 24% over the same quarter in 2018. Revenue from streaming was up by 25.5% for the quarter, while physical sales increased by 15%.
Earnings before interest, taxes, depreciation, and amortization was up sharply for the quarter, improving to 481m, up by 47% year-over-year.
UMG’s licensing business saw growth as well for the quarter, generating revenue of €379, up by 15.3%. UMG’s publishing business also continued to be profitable, with €467 million in revenue, an improvement of 14.2% over Q2 2018.