Vivendi Acquires 10.6 Percent Stake in Lagardère

Universal Music Group and Canal Plus Group’s parent company Vivendi has acquired a 10.6 percent stake in Lagardère, a French media conglomerate headed by Arnaud Lagardère.

“This acquisition is a long-term financial investment reflecting Vivendi’s confidence in the future prospects of the French group, which enjoys international leadership positions in its businesses, and which, like many others, is experiencing difficult times at the moment,” a spokesperson for Vivendi said in a release.

According to Variety, Vivendi is stepping in during a crucial time for Lagardère, who is currently seeking allies to help take on the company’s leading shareholder, Amber Capital, which has a 16.42 percent stake in the company.

Lagardère, the parent company of Lagardère Studios, is comprised of 27 companies including Spanish banner Boomerang, which owns the rights to multiple U.S. animated shows.

Lagardère has been on the market for a while and reportedly is going for $216 million.