Vivendi Profit Declines as France Pay-TV Unit Remains Pressured
- Vivendi plans costs cuts of 300 million euros at Canal Plus
- French media company fighting war of words with Mediaset
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Vivendi SA, the media company led by billionaire Vincent Bollore, posted second-quarter earnings that missed analysts’ estimates as its pay-TV unit Canal Plus continued to lose money and subscribers in France.
Adjusted net income fell 3.1 percent to 187 million euros ($211 million), the company said Thursday after the market close in Paris. Analysts had predicted profit of 193.2 million euros, the average of five estimates. The stock declined 1.7 percent at 9:30 a.m. to 17.28 euros.