French media giant Vivendi Universal will consider an initial public offering to spin off its US-based entertainment assets when its board meets in September, the Financial Timesreported this morning.
Measures including a possible IPO of the group's 86 per cent holding of entertainment unit Vivendi Universal Entertainment (VUE) would be considered by the group's strategic committee, the newspaper said.
A person familiar with the company's strategic review said it had valued its Universal Studios unit, the main asset of VUE, at $5.1 billion, the FT reported.
Selling off Universal would amount to a reversal of the strategy of former CEO Jean-Marie Messier, who turned the staid French water company into a global media giant by acquiring one of the largest Hollywood studios and other assets.
Vivendi's shares closed in Paris at 9.30 euros on Friday, down 12.26 per cent. The company's shares have lost more than 82 per cent of their value in the past year.