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France’s Vivendi plans split of media, telecoms businesses

September 12, 2013 at 1:04 am | News Desk

French media & telecoms giant VivendiPARIS: French media and telecoms giant Vivendi said Wednesday it is planning to split its businesses into two entities, essentially separating its internet and mobile phone unit SFR from its media operations which include Universal Music.

“The final decision of this split could be made at the beginning of next year and put to the 2014 annual general meeting,” the group said in a statement.

The group posted a 11.2 percent slump in net profit to 1.03 billion euros ($1.37 billion) in the first six months of the year, set back mainly by poor performance by SFR.

SFR, like other mobile phone operators in France, has been hard hit by the arrival of cut-price operator Free.

The group’s Universal Music division however, has seen increased sales.

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