Vivendi SA shareholder Vincent Bollore will replace Chairman Jean-Rene Fourtou, who led the former French utility for more than a decade, when it completes a separation of telecommunications business from media assets.
Vivendi SA, debating how to spend what remains of the $14 billion from asset sales after cutting debt, is done with big acquisitions for now as the board favors returning surplus cash to investors in the next six months.
Emirates Telecommunications Corp., the United Arab Emirates’ most valuable company, agreed to acquire Vivendi SA’s controlling stake in Maroc Telecom SA for about 4.2 billion euros ($5.7 billion) in the Middle East’s largest takeover of a phone carrier.
Vivendi SA, the French conglomerate that owns phone company SFR, said cost cuts, asset sales and restructuring to focus on media and content will help its phone and TV units recover next year after second-quarter sales fell.
In the 1960s, the British Invasion brought bowl haircuts and rock-n-roll to U.S. shores with The Beatles and The Rolling Stones. Fifty years on, a new assault is coming, led by iconic U.K. characters featured on TV shows.