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
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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