When Vivendi rejected an $8.5bn offer from SoftBank to buy Universal Music Group in 2013, industry analysts and executives were baffled.
The French group turned down a price that was $2bn to $3bn more than analysts’ valuations of Universal. Hammered by piracy brought on by the advent of the internet, music revenues had shrunk every year for more than a decade — and no turnround was in sight.
Eight years later, the contrarian bet by Vivendi and its controlling shareholder, French billionaire Vincent Bolloré, looks brilliant.
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