Vivendi buys stake in Lagardere

Vivendi, parent company of French publisher Editis, has acquired 10.6% of Lagardère.

In a statement, Vivendi said: "This acquisition is a long-term financial investment reflecting Vivendi’s confidence in the future prospects of the French group which enjoys international leadership positions in its businesses and which, like many others, is experiencing difficult times at the moment."

Vivendi owns complementary assets in music (Universal Music Group), movies and series (Canal+ Group) and games (Gameloft), as well as in publishing (Editis).

The media group noted: "Each of Vivendi’s businesses is closely monitoring the current and potential effects of the COVID-19 pandemic outbreak. At this point, it is impossible to determine with certainty how long it will last and how it will impact Vivendi’s revenues and annual results. However, the revenues of certain businesses, notably Havas Group, Editis and Vivendi Village, are expected to be affected in the second quarter of 2020."

Vivendi acquired Editis last year.