Vivendi's music unit UMG has a value of more than $40 billion, CEO says

Last Updated: Fri, Nov 17, 2017 18:05 hrs
Vivendi's CEO Puyfontaine attends a conference at the Cannes Lions Festival

BARCELONA (Reuters) - Vivendi deems that its music unit has a value of more than $40 billion, driven by the success of music streaming platforms such as Spotify, chief executive Arnaud de Puyfontaine said on Friday.

Asked about UMG's valuation at the Morgan Stanley annual conference on Tech, Media and Telcoms, Puyfontaine said that he saw an estimate this week that valued the division at $40 billion.

"I wouldn't put a number but I think that number is higher than the highest one that is currently expressed by the markets," Puyfontaine said. When asked if he thought UMG was worth more than $40 billion, he said "yes".

(Reporting by Mathieu Rosemain, Editing by Sarah White)