Vivendi is looking to sell some of its stake in Activision-Blizzard in order to refocus on its media holdings, according to a WSJ report.
According to the report, the firm’s parent company is considering “a variety of options” for it shares in game maker, after reporting a decline in full-year profit last week.
Sources familiar with the matter told the financial outlet since Activision’s cash pile is growing, it’s management has “long been interested in buying out” part of Vivendi’s 60% stake.
“The board continues to review a variety of different options, looking at ways to optimize the balance sheet,” Vivendi’s CFO Philippe Capron told analysts during a recent conference call.”There is a process going at the board level.”
In addition to Activision Blizzard, Vivendi is looking to offload more assets and stakes, and in the last year closed purchases of TV channels and music businesses.
Overall, Vivendi’s Q1 net income fell 24% year-over-year to €534 million ($692.8 million), and overall revenue fell 1% to €7.05 billion.
Activision Blizzard revenues for Vivendi’s Q1 rose 12.2% to €1 billion.
At press time, shares in ATVI are trading at $15.03, which is up 2.4%.