November 17, 2017 / 12:35 PM / in 9 months

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

BARCELONA (Reuters) - Vivendi deems that its music unit has a value of more than $40 billion, driven by the success of music streaming platforms such as Spotify, chief executive Arnaud de Puyfontaine said on Friday.

Vivendi's Chief Executive Arnaud de Puyfontaine attends a conference at the Cannes Lions Festival, Cannes, France June 22, 2017. REUTERS/Eric Gaillard/Files

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

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