Vivendi Rejects SoftBank’s Bid for Universal Music

Vivendi SA (EPA:VIV) rejected $8.5 billion offer from Softbank Corp (PINK:SFTBF) (TYO:9984) for Universal Music Group, reports Bloomberg’s Andy Fixmer. Sources told Bloomberg that Vivendi directors turned down the proposed acquisition relatively quickly.

Vivendi SA (EPA:VIV), which has seen slow growth in recent years, is reportedly looking to streamline its valuable holdings so that it can focus more on content. The company’s telecommunications assets are reportedly for sale, but letting go of the world’s largest music label wouldn’t have made sense with Vivendi SA (EPA:VIV)’s content-focused growth strategy.

Softbank Corp (PINK:SFTBF) (TYO:9984), which is...