Vivendi Plans €300 Million CANAL+ Cuts

PARIS: Vivendi has implemented a plan to reduce costs at CANAL+ by €300 million ($339 million), of which around €60 million ($68 million) to €80 million ($90 million) will be realized this year.

CANAL+ has continued to experience declining pay-TV revenues despite the success of its bundled offers, including beIN Sports. The planned cuts support the objective of breaking in 2018 for CANAL+ channels in France.

The news came as part of Vivendi’s half-year results, which saw stable revenues at €5 billion ($5.6 billion). Growth in subscription and streaming revenues of Universal Music Group more than offset the decline in its digital downloads and physical sales, and by CANAL+ Group’s international operations. Adjusted net income amounted to a profit of €286 million ($323 million), down 13.1 percent.