Vivendi Slims Down, Beats Estimates for 1Q

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May 15 (Bloomberg) -- Bloomberg’s Marie Mawad reports on earnings from French media giant, Vivendi. She speaks on Bloomberg Television’s “On The Move.” (Source: Bloomberg)

Welcome back to "on the move." i'm manus cranny in london.

We have been watching vivendi through the morning.

The french media giant is a bit smaller as it releases its first quarter earnings that beat estimates.

They have been be refocusing, slimming down.

Marie, run me through the numbers first of all because income up 20% at 161 million euros.

Yes, manus.

Good morning.

Income is up this quarter and that is really what investors are going to be looking at.

This is the first quarter where they published their earnings as a media company after it got rid of about 30 billion dollars of assets over the past year.

What these earnings show is really the income adjusted is up mostly thanks to lower cost of debt.

That is because they used part of their proceeds from asset sales to pay back debt.

That cheaper cost of debt is showing there in that income.

There is some good news on their media assets.

Part of that is on the pay tv unit which is showing it is able to win subscribers in the first quarter.

Talk me through this.

They have sold off the s.f.r. that was a definitive end to the refocusing and now it is about the media.

What is next?

Is it about delivering results in the media space?

The first step is closing the s.f.r. deal.

It is expected to close before the end of this year.

That is not done yet.

A regulator in france has to give an opinion about that before it can be done.

Once that is done, vivendi said clearly this morning that they have financial red room to do acquisitions and grow the media part of the business going forward.

The question is you know, whether vivendi is going to pick up m&a again in the coming month and we'll know about that in june.

There is a shareholder meeting through june 2424. for today, there is not much detail about what the strategy is going to be.

Ok, marie.

Let's see what they come out with.

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