Vivendi shares surge as music business drives growth

Vivendi shares rose on Friday after the French media conglomerate reported better-than-expected third quarter sales, helped by growth at its Universal Music Group arm.

Vivendi shares were up 3.1 per cent. Late on Thursday, Vivendi reported sales rose 5.5 per cent in the third quarter from a year ago to €3.38 billion, beating a forecast of €3.3 billion.

Vivendi added it had no plans to sell its stake in Telecom Italia, where it has been battling activist fund Elliott for influence, and that it was lining up banks for a possible sale of part of Universal.

Hits by rapper Drake contributed to growth at Universal during the period, while Paul McCartney's latest album and the Mamma Mia! soundtrack had also boosted performance.