PARIS, April 23 (Reuters) - Shares in Vivendi rose on Friday after the French media conglomerate, which is controlled by billionaire Vincent Bollore, posted higher first quarter sales.
Vivendi’s shares were up by 1.5% in early session trading, while the shares of Groupe Bollore also edged up 0.5%.
Vivendi’s sales were lifted by the prolonged strong performance of its music unit Universal (UMG) and a sales jump at its publishing division, which includes Editis.
The Paris-based group is also seeking to cash in on the music industry’s revival by listing Universal, home to singers such as Lady Gaga and Taylor Swift, by the end of the year.
“Vivendi has delivered a solid set of 1Q revenues with organic growth in UMG ( 9.4%), Editis ( 40.1%), and Havas (-0.8%) the standout areas,” wrote investment bank Citi, which kept a ‘neutral’ rating on Vivendi shares.
(Reporting by Mathieu Rosemain; Editing by Sudip Kar-Gupta)