UMG SALE PROCESS "ON TRACK"

The process to find a potential buyer for up to 50% of Universal Music Group is expected to close by the end of the year, Vivendi Chairman Yannick Bollore tells Bloomberg News.

Bollore says he and the Vivendi board are “confident the process is on track.”

“We are not in a hurry,” he said in an interview at Cannes Lions that focused mostly on the current state of advertising. “Vivendi is doing well, UMG is doing well. The question is how to find the right partner.”

Vivendi has reportedly been seeking between $28b and $33b for half of the music conglom, which is valued anywhere from $20b to $50b as a whole.

Anyone nostalgic for views of La Plage or interested in Bollore's thoughts on the ad world in his role as CEO of Havas can click here.