Rémi Jacob, with AFP
The second French editing group is suspended from the discussion process. The media giant Vivendi is in “exclusive” negotiations with Daniel Kretinsky to sell him 100% of Editis. Mired for months in discussions with the European Commission, which is examining its takeover of Lagardère, the Vivendi group has therefore finally resolved to convince Brussels to completely sell Editis in order to seize the behemoth of Hachette publishing, subsidiary of Lagardère.
The second French editing group is suspended from the discussion process. The media giant Vivendi is in “exclusive” negotiations with Daniel Kretinsky to sell him 100% of Editis. Mired for months in discussions with the European Commission, which is examining its takeover of Lagardère, the Vivendi group has therefore finally resolved to convince Brussels to completely sell Editis in order to seize the behemoth of Hachette publishing, subsidiary of Lagardère.
Information-consultation procedures
This sale of Editis “envisaged must be accepted by the European Commission and will be the subject of information-consultation procedures with the representative bodies of the personnel concerned”, details Vivendi in its press release. The group also specifies that, “in this context, the plan to distribute Editis shares to Vivendi shareholders, and their listing on the Euronext Growth market, is suspended”.
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 the IPO of Universal Music Group in 2021. To be authorized by the European competition authority to take possession of Hachette, Vivendi had undertaken to let go of its own publishing division, with around fifty houses like Robert Laffont, Plon, Julliard, Le Robert or Pocket.
New proposals for remedies to European authorities
But in the face of concerns about the upheaval of this market which could result from it, and to a lesser extent that of people magazines, the antitrust authority had launched in the fall an in-depth investigation into the takeover of Lagardère by Vivendi, already rose last year to 57% of the capital after a tough shareholder battle. Last week, the French group indicated that it was continuing its discussions with the potential buyers of Editis and said that 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 by despite concessions made by Vivendi in December and February.