Vivendi in exclusive negotiations with Daniel Kretinsky to sell 100% of its publishing group Editis

Rémi Jacob, with AFP 11:12 am, March 15, 2023

The second French publishing group is suspended in the discussion process. Media giant Vivendi is in "exclusive" negotiations with Daniel Kretinsky to sell him 100% of Editis. Bogged down for months in discussions with the European Commission which is examining its takeover of Lagardère, the Vivendi group has finally resolved to convince Brussels to sell all of Editis in order to seize the juggernaut of the publishing Hachette, subsidiary of Lagardère.

Information-consultation procedures

This sale of Editis "envisaged will have to be accepted by the European Commission and will be the subject of the information-consultation procedures of the employee representative bodies concerned," Vivendi said in its press release. The group also states that, "in this context, the plan to distribute Editis shares to Vivendi shareholders, and their listing on the Euronext Growth market, is suspended".

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For the Bolloré group, Vivendi's reference shareholder, in which it holds 29.5% of the shares, this distribution listing method had the advantage of better valuing its stake in Editis and capturing the profit directly, on the model of Universal Music Group's IPO in 2021. To be authorized by the European competition authority to take possession of Hachette, Vivendi had committed to let go of its own publishing division, with about fifty houses such as Robert Laffont, Plon, Julliard, Le Robert or Pocket.

New proposals for remedies to the European authorities

But faced with concerns about the upheaval of this market that could result, and to a lesser extent on that of people magazines, the antitrust authority had launched in the autumn an in-depth investigation into the takeover of Lagardère by Vivendi, already raised last year to 57% of the capital after a tough shareholder battle. Last week, the French group said it was continuing its discussions with potential buyers of Editis and said it wanted to submit new proposals for remedies to the European authorities in mid-March, after the Commission recently showed its persistent hostility to the project despite concessions made by Vivendi in December and February.