Mike Arnold
Long only, small-cap, tech, growth at reasonable price

Vivendi: Flush With Cash And Focused On Media/Content

Vivendi (OTCPK:VIVHY) has long been one of my favorite event-driven ideas. After hitting decade lows in April 2012, the French conglomerate announced a new strategic vision, initiated the first steps of its transformation in 2013 and the holding company appears to have reached an inflection point in terms of redesigning the business around media/content in 2014.

The stock reacted well to the restructuring which radically improved Vivendi's balance sheet and featured numerous asset sales, including Vivendi's majority share of Activision Blizzard (NASDAQ:ATVI) [it still holds 41.5 million shares], Maroc Telecom, a Moroccan telco and SFR, a French telco. Vivendi also held a 13% stake in Beats via its ownership of Universal Music, and...

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