PARIS--(BUSINESS WIRE)--Regulatory News:
Vivendi (Paris:VIV) announced today that it has signed an agreement to settle the remaining claims still in dispute with certain class plaintiffs in the securities class action litigation initiated in the United States in 2002, finally putting this long-standing case to rest.
Vivendi will pay $26.4 million under the agreement, representing approximately one-third of the total $78 million it will pay to resolve the entire litigation, including the judgments previously entered.
The resolution of this litigation will result in a net reversal of provision of approximately €25 million in Vivendi's 2017 financial statements. Given that the provision had been already been deducted for tax purposes, this reversal will be taxed in 2017.
The settlement is subject to final approval of the court.
Vivendi is an integrated media and content group. The company operates businesses throughout the media value chain, from talent discovery to the creation, production and distribution of content. Universal Music Group is engaged in recorded music, music publishing and merchandising. It owns more than 50 labels covering all genres. Canal+ Group is engaged in pay-TV in France, as well as in Africa, Poland and Vietnam. Its subsidiary Studiocanal is a leading European player in production, sales and distribution of movies and TV series. Gameloft is a worldwide leader in mobile games, with 2 million games downloaded per day.Vivendi Village, groups together Vivendi Ticketing (in the United Kingdom, the United States and France), MyBestPro (expert counseling), Watchever (subscription streaming services), Radionomy (digital radio), the venues L’Olympia and Theâtre de L‘Œuvre in Paris, and CanalOlympia in Africa, as well as Olympia Production. With 3 billion videos viewed each month, Dailymotion is one of the biggest video content aggregation and distribution platforms in the world. www.vivendi.com, www.cultureswithvivendi.com