Conglom boosted by pay TV, videogames
French media and telco conglom Vivendi on Tuesday reported strong first quarter financial results, with profit up 22.8% to E771 million ($1.05 billion) compared with the year-ago period.Revenues for the quarter rose 5.3% to $6.8 billion on strong performances from pay TV and videogames. A weak spot was Universal Music Group, the world’s largest music company, where revenues were down nearly 9%. Robust sales in the U.K. were offset by declines in the U.S., France and Japan. Digital sales, however, were up more than 50% and represented 15.7% of total revenue in the quarter compared with 9.9% last year. The Canal Plus Group reported a strong sales increase, as did Marco Telecom and Vivendi Games, where revs more than doubled due to the successful release this year of “World of Warcraft: The Burning Crusade.” SFR, France’s second-biggest mobile operator, reported revenue and profits down slightly, which Vivendi said was due to certain legally mandated pricing cuts.