Yannick Bollore, chairman of the supervisory board of Universal Music Group (UMG) parent company Vivendi, said the sale of UMG is being extended to around six months.
Ballore said Vivendi is “not in a hurry” to wrap the sale and is “very confident” it will find the right partner to purchase up to 50% of the world’s largest music company.
“We didn’t say we want to spin off UMG,” he said. “The supervisory board of Vivendi is working with the UMG management board to find the right financial partner. As you may know, the music industry is going through huge growth and the business is thriving, and we want to make sure we can accelerate the growth in the coming years so we have communicated that we want to open the process before the end of 2019 and the management is still very confident the process is on track.”
Asked about the extension of projected sale dates, which had previously slotted an opening for mid-2019 and a close by early next year, Bollore responded, “We are not in a hurry — Vivendi is doing very well and UMG is doing very well. The question is how to find the right partner.
In the 10 months since Vivendi confirmed that it is seeking a buyer for as much as 50% of Universal Music Group, the industry has watched analysts’ proposed valuations of the company balloon from an initial $22 billion to as much as $50 billion.
Pictured: Yannick Ballore