Paris, August 5th 2014


Vivendi receives an offer for GVT from Telefonica


Vivendi received yesterday a binding offer from Telefonica SA and Telefonica Brasil SA to acquire its subsidiary GVT in Brazil for a total enterprise value of BRL20.1 billion  (approximately €6.7 billion).

This offer would be payable partly in cash for approximately 60% of the amount and partly in Vivo shares (12% of the future combined entity) for 40% of the amount. If this offer was accepted, Vivendi would also have the opportunity to acquire 8.1% of Telecom Italia. This offer is subject to definitive agreement and the other usual conditions, including the approval of the relevant regulatory authorities.

Vivendi wishes to emphasize that none of its subsidiaries are for sale. Its strategy is to create an industrial Group focused on the organic growth of its activities and to support them in their development.

However, the Vivendi Supervisory Board will consider the Telefonica offer at its next meeting, in the best interests of its shareholders and the GVT employees, and will decide what action to take as a result.


About Vivendi

Vivendi groups together leaders in content and media. Canal+ Group is the French leader in pay-TV, also operating in French-speaking Africa, Poland and Vietnam; its subsidiary Studiocanal is a leading European player in production, acquisition, distribution and international film and TV series sales. Universal Music Group is the world leader in music. GVT operates fixed very high-speed broadband, fixed-line telephony and pay-TV services in Brazil. In addition, Vivendi owns SFR,
a French leader in alternative telecoms.


Important Disclaimers

Cautionary Note Regarding Forward Looking Statements. This press release contains forward-looking statements with respect to the financial condition, results of operations, business, strategy, plans and outlook of Vivendi, including projections regarding the impact of certain transactions. Although Vivendi believes that such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control, including but not limited to the risks related to antitrust and other regulatory approvals as well as any other approvals which may be required in connection with certain transactions and the risks described in the documents Vivendi filed with the Autorité des Marchés Financiers (French securities regulator), which are also available in English on Vivendi’s website ( Investors and security holders may obtain a free copy of documents filed by Vivendi with the Autorité des Marchés Financiers at, or directly from Vivendi. Accordingly, we caution you against relying on forward looking statements. These forward-looking statements are made as of the date of this press release and Vivendi disclaims any intention or obligation to provide, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


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