Vivendi is in the early stages of an internal review that could result in Universal Music Group and Activision Blizzard being separated from the group's telecommunications and content distribution subsidiaries, people with knowledge of the matter told Bloomberg. Another possibility reportedly being considered is to spin off French pay-TV operator Canal Plus, which is 20 percent owned by Lagardere. Various scenarios will be discussed by Vivendi's board and top executives at a three-day summit in June, according to Bloomberg's sources. Vivendi chairman Jean-Rene Fourtou told shareholders last week that the company's stock was nearly 40 percent undervalued because of its structure as a holding vehicle of multiple units. The group responded to Bloomberg's report with a denial of what it called anonymous and ungrounded allegations, adding that any future strategic decisions will have shareholder value creation at their core.
