Arab Today, arab today vivendi sells activision blizzard stake for 82bn
Last Updated : GMT 07:46:06
Arab Today, arab today
Arab Today, arab today

Vivendi sells Activision Blizzard stake for $8.2bn

Arab Today, arab today

Arab Today, arab today Vivendi sells Activision Blizzard stake for $8.2bn

Paris - AFP

French media conglomerate Vivendi is selling control of its US games subsidiary Activision Blizzard for about $8.2 billion in a drive to focus its media interests and reduce debt, it said on Friday. The deal, involving the online game \"World of Warcraft\", is Vivendi\'s second strategic strike within a week raising a total of about $14.0 billion (10.5 billion euros) which will reduce debt. The group, which owns the Canal+ television business and Universal Music, said that it would sell more than 85.0 percent of its 61.1-percent holding in the firm which publishes online games \"Call of Duty, \"Guitar Hero\" and \"World of Warcraft\". The deal should be completed by the end of September and will be struck at a price of $13.60 per share, compared with a closing price of $15.18 at the close of trading in New York on Thursday. Activision Blizzard will buy 429 million of its own shares for $5.8 billion. Meanwhile, Vivendi will sell 172 million shares for $2.3 billion to investors led by executives at Activision Blizzard grouped in an entity called ASAC LP. Once these deals are completed, Vivendi will retain a holding of 12.0 percent which will be frozen for 15 months. Analysts at Citi finance house commented that the deal was \"a positive catalyst despite the low price.\"The price of shares in Vivendi gained 2.82 percent to $16.43. The overall French market as measured by the CAC 40 index was up 0.83 percent in late morning trading. The deal means that in the space of a week, Vivendi has reduced market doubts about its strategy announced a year ago to re-focus its activities. On Tuesday the group sold its interest of 53.0 percent in Moroccan firm Maroc Telecom for 4.2 billion euros ($5.6 billion). Sources in the company said: \"This is a very big week for us. One can say that Vivendi does what it says.\" Chief executive Jean Francois Dubos said in a statement that the business was making progress in re-directing its interests towards new phases of growth. This would enable the group, which has interests in telecommunications and entertainment, to reduce by more than half its debt mountain of 13.2 million euros, sources in the firm said. In principle, Activision Blizzard fits the new focus of Vivendi which is on media content, but sources in the company explained that the subsidiary depended on turning out \"blockbuster\" successes and was therefore inherently risky. The source said: \"We are not convinced that this can last with the arrival of new game consoles. In a addition there is no complementarity with our other activities using media content.\" Vivendi had another option which was to use part of the cash reserves of the games unit, an amount of $4.6 billion, to pay an exceptional dividend, one source said. Company sources, who declined to be named, also said: \"The main chunk of the asset sales is now done. Now there is a telecom issue including the future of (French mobile phone unit) SFR which is being discussed.\" SFR, which has been hit by new competition in the French mobile phone sector, still accounts for nearly 40 percent of group sales. One option under consideration is to split off SFR from the parent company, taking with it most of the debt which it would pay with future cash flow.    

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today vivendi sells activision blizzard stake for 82bn Arab Today, arab today vivendi sells activision blizzard stake for 82bn

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 16:23 2017 Sunday ,19 February

Global energy news

GMT 16:05 2017 Sunday ,19 February

Trudeau calls for wider social benefit from economy

GMT 05:57 2017 Sunday ,19 February

How do you say déjà vu in Greek?

GMT 05:26 2017 Sunday ,19 February

US natural gas market tightens

GMT 05:06 2017 Sunday ,19 February

Merkel: Euro is too low for Germany

GMT 04:58 2017 Sunday ,19 February

Swedish PM: Brexit deal in 2 years is unlikely

GMT 20:02 2017 Saturday ,18 February

Gold edges higher as global equities lose momentum
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday