Though Vivendi (VIVHY.PK) wants to sell its entire 61% stake in Activision (ATVI), investors...


Though Vivendi (VIVHY.PK) wants to sell its entire 61% stake in Activision (ATVI), investors shouldn't bet on that outcome, thinks Wedbush's Michael Pachter. Activision's ~$10B enterprise value is too much for most rival game publishers, and U.S. media companies are nervous about large gaming acquisitions in light of past failures and fears of industry decline. Pachter believes a spin-off, preceded by a $5B debt offering and $8B dividend (the value of Vivendi's stake), is more likely.

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