Entertainment conglomerate Vivendi, which owns Havas Group and is controlled by France’s Bollore Group is considering a plan to split into three separate public companies. 

The rationale, according to the firm is that as a single conglomerate its shares are trading at a “discount,” limiting its ability to execute its desired growth strategy. Splitting into the three companies would maximize the value of the different entities, the firm believes.  

The firm spun off Universal Music Group in 2021. Now the board has been authorized to explore a plan to split into three companies.  

If the plan is approved it would once again make ad holding company Havas Group an independent publicly traded firm, which it had been until Vivendi acquired it in 2017.  

Yannick Bollore is CEO of Havas and Chairman of Vivendi’s Supervisory Board. His father Vincent oversees Bollore Group.  

In addition to Havas, media company Canal+ would be spun off into its own unit as would a third “investment company” whose initial assets would include book publisher Lagardère. It would have a portfolio of companies in media, entertainment and other culturally focused companies.   

Vivendi said it would work with banks and other advisors to assess the feasibility of the proposed split including the tax consequences to shareholders. No timetable was issued for completing the assessment, but an update will be provided in “due course.”