Vivendi SE
Vivendi SE is a Paris-listed holding company for Gameloft, V Collection, and stakes in UMG, Banijay, Lagardère.
On the record
Checkpoint: Vivendi H1 2026 earnings and portfolio valuation update
The call
Vivendi's value now rides on litigation outcomes and stake prices more than on Gameloft's games or V Collection's magazines.
Vivendi owns pieces of other companies (like the music label UMG and the game studio Gameloft) rather than running one big business itself. It is easy for rivals like EA and Ubisoft to out-compete Gameloft in games, and AI tools are starting to do some of what V Collection's magazines do. The real question is not whether Vivendi's businesses are strong, but whether two court cases will force the company to sell its stakes or change hands, and whether the value of those stakes stays high or keeps dropping.
Why
01
AI pressure: Generative AI content and game-asset tools (e.g., ChatGPT, Midjourney, AI game engines). AI tools cut game-art and magazine production costs but let bigger rivals clone licensed titles faster, squeezing thin Gameloft and V Collection margins. Could AI do the core job? Only partly.
02
Bigger players: EA, Ubisoft, and Zynga in mobile/console games; Conde Nast and Hearst in magazines. These larger studios and publishers already compete for the same licensed IP and ad dollars Gameloft and V Collection depend on. Could a giant copy it? Yes, easily.
03
What protects it. Gameloft's rented but recognized franchises (Disney, Netflix, BBC Bluey) plus €4.4B in UMG, Banijay, and MFE stakes give Vivendi asset value beyond its own operations.
What would change this call
Whether Gameloft renews its Paramount/Nickelodeon and BBC Bluey licensing deals through 2027. Lost renewals would show Gameloft's revenue base is rented IP, not owned franchises.
Whether the CJEU upholds or overturns the EU General Court's June 2026 Lagardere gun-jumping ruling. An adverse final ruling would add fines or remedies dragging on Vivendi's holding structure.
Whether the Bolloré-control litigation appeal results in a mandatory buyout offer for Vivendi shares. A forced buyout would close the NAV discount and resolve the control question.
Whether the CJEU upholds or overturns the EU General Court's June 2026 Lagardere gun-jumping ruling. An adverse final ruling would add fines or remedies dragging on Vivendi's holding structure.
Whether the Bolloré-control litigation appeal results in a mandatory buyout offer for Vivendi shares. A forced buyout would close the NAV discount and resolve the control question.
Key numbers
- €307M 2025 revenue, up 4.3% at constant currency
- €4.4B portfolio value March 2026, down from €5.5B
- €1.5B net debt end-2025, down from €2.57B
Named risks
- Reversal of Bolloré control ruling could trigger a mandatory buyout offer for Vivendi shares.
- Pending EU Lagardère gun-jumping merits decision could bring fines or remedies.
- UMG stake value fell about 1 billion euros in Q1 2026 alone, exposing NAV to market swings.
- Gameloft is subscale against EA, Ubisoft and Zynga with no owned durable IP franchise.
- Reputational controversy over Bolloré's media influence, cited by over 600 French film figures in May 2026.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Electronic Arts | losing to | Gameloft had roughly 2,366-3,945 employees vs EA's much larger scale, per data dated 2026-06-29 |
| Ubisoft | losing to | Gameloft remains subscale mobile/PC publisher versus Ubisoft as of 2026-06-29 data |
| Bolloré SE | contesting | Paris Court of Appeal ruled 2026-07-08 that Bolloré does not control Vivendi, ending a control dispute |
| Conde Nast and Hearst | losing to | V Collection holds only a French Harper's Bazaar license, below Conde Nast/Hearst global scale, as of 2026-03-31 |
Questions people ask
- Is Vivendi SE profitable in 2025?
- Yes. Vivendi SE reported 2025 EBITA of plus 45 million euros, reversing a 1 million euro loss in 2024, with net income attributable to shareholders of 20 million euros, per its earnings release dated 2026-03-12.
- What is Vivendi SE now that Canal+ and Havas have split off?
- Since 16 December 2024, Vivendi SE is a slimmed Paris-listed holding company; Canal+ and Havas are now separate listed firms. Vivendi's 2025 revenue was 307 million euros, almost entirely from Gameloft at 303 million euros, per its 2026-03-12 report.
- Does Vincent Bolloré control Vivendi?
- On 8 July 2026 the Paris Court of Appeal ruled that Vincent Bolloré and Bolloré SE do not legally control Vivendi, though Bolloré SE remains the largest shareholder with about 29.9 percent of capital as of end-2024.
- Could AI replace Gameloft's developers or Vivendi's magazine staff?
- AI pressures content pipelines like game art and magazine production at Gameloft and V Collection, but Vivendi's core value sits in equity stakes such as UMG and Banijay plus licensing deals like Paramount/Nickelodeon and BBC's Bluey, which AI does not disintermediate, per company disclosures through 2026-04-21.
- Who is Vivendi's biggest competitor?
- For its Gameloft unit, Electronic Arts, Ubisoft and Zynga are far larger rivals; Gameloft had roughly 2,366 to 3,945 employees at end-2025 versus much bigger publishers. Vivendi itself, as a holding company, has no direct operating competitor.
- Why does Vivendi stock trade at a discount to its assets?
- Vivendi's market cap was about 1.88 billion euros as of 23 July 2026, versus listed minority stakes in UMG, Banijay, MFE, Prisa and Lagardère valued at 4.43 billion euros at end-March 2026, a gap tied to unresolved Bolloré control and EU litigation.
Timeline
- 2026-07-16Vivendi 2026 AGM approves all resolutions
- 2026-07-08Paris Court of Appeal rules Bolloré does not control Vivendi
- 2026-06-09Vivendi says it will appeal EU ruling to CJEU
- 2026-06-03Vivendi loses EU General Court case on Commission information powers
- 2026-04-21Vivendi reports Q1 2026 revenue of 69 million euros
- 2026-03-31Vivendi launches V Collection, takes 13.58% stake in Prisma Group
- 2026-03-12Vivendi reports FY2025 results: 307 million euro revenue, 45 million euro EBITA
- 2025-07-31European Commission issues Statement of Objections over Lagardère gun jumping
- 2025-03-31Vivendi exits Telecom Italia stake, crossing below 20 percent
- 2024-12-16Canal+, Havas and Louis Hachette Group spin off from Vivendi SE
Revision history
24 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Information Regarding the Listings of Canal+, Havas and Louis Hachette Group (2024-12-16)
- Vivendi: 2025 full-year results show improvement (2026-03-12)
- Vivendi: Revenues for the First Quarter of 2026 (2026-04-21)
- Vivendi Q1 2026 disclosure (2026-04-21)
- VIV Number of Employees (2026-06-17)
- Gameloft Number of Employees 2026 (2026-06-29)
- Vivendi Launches V Collection (2026-03-31)
- Zonebourse company profile snapshot (2026-06-03)
- Wikiwand: Vivendi Universal
- Vivendi Takes Note of the Paris Court of Appeal's Decision (2026-07-08)
- AMF note on Cour de Cassation ruling (2025-12-04)
- gurufocus.com (2026-07-23)