BREAKING NEWS

BREAKING NEWS

Vivendi's music unit UMG has a value of more than $40 billion, CEO says

Now Reading:

Vivendi's music unit UMG has a value of more than $40 billion, CEO says

Text size Aa Aa

BARCELONA (Reuters) – Vivendi <VIV.PA> deems that its music unit has a value of more than $40 billion (£30.3 billion), driven by the success of music streaming platforms such as Spotify, chief executive Arnaud de Puyfontaine said on Friday. Asked about UMG’s valuation at the Morgan Stanley annual conference on Tech, Media and Telcoms, Puyfontaine said that he saw an estimate this week that valued the division at $40 billion. “I wouldn’t put a number but I think that number is higher than the highest one that is currently expressed by the markets,” Puyfontaine said. When asked if he thought UMG was worth more than $40 billion, he said “yes”.

(Reporting by Mathieu Rosemain, Editing by Sarah White)
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.