Vivendi SA (1.0%) (VIV)(€ 19.16 - EPA) is a French media and telecommunications holding company in the late stages of a decade long transition. Most recently, the company sold most of its 62% stake in Activision Blizzard and reached an agreement to sell its entire 53% stake in Maroc Telecom SA. Early in 2014, Vivendi expects to separate into two entities: a telecom firm consisting of SFR, the second largest French wireless provider, and a media firm consisting of Canal+ (a Francophone focused pay TV network owner and distributor), Universal Music Group (UMG) (the number one recording music company and number two music publishing entity in the world) and GVT (a fast growing Brazilian broadband and pay TV provider). We expect SFR and GVT to eventually be sold and would not dismiss the possibility of a breakup of Canal+ and UMG. While operating conditions have been challenging in most of Vivendi's businesses, it appears their trajectory is finally turning more positive and should be supported by a healthier balance sheet after the Activision and Maroc disposals.
From the Gabelli Value 25 Fund fourth quarter 2013 commentary.