Media conglomerate Vivendi is moving forward with its proposal to split into three separate entities, the company revealed on Monday.

The plan, first revealed in December 2023, aims to address Vivendi’s conglomerate discount and unlock value for its subsidiaries.

Under the proposed split, Canal+ would list on the London Stock Exchange, reflecting its international reach. The pay-TV group, which may pursue a secondary listing in Johannesburg pending its MultiChoice tender offer, would remain a French tax resident.

Advertising giant Havas would list as a Dutch public limited company on Euronext Amsterdam. The move is designed to support Havas’ global strategy and offer multiple voting rights to long-term shareholders.

A new entity, Louis Hachette Group, would encompass Vivendi’s publishing and distribution assets, including its 63.5% stake in Lagardère SA and Prisma Media. This company would list on Euronext Growth in Paris.

Vivendi itself would remain listed on Euronext Paris, focusing on developing Gameloft and managing its investment portfolio, which includes Universal Music Group.

The company stated that Canal+ and Havas would have minimal debt post-split, while Louis Hachette Group would carry Lagardère’s existing €2 billion ($2.1 billion) debt. Vivendi could retain €1.5 to €2 billion in net debt.

The Bolloré group is expected to hold approximately 30.6% of Canal+ and Louis Hachette Group, and potentially over 40% voting rights in Havas NV due to double voting rights.

Vivendi will now begin consulting with employee representatives and regulatory authorities. If approved, the split could be put to a shareholder vote in December this year, with the allocation of shares and listings occurring shortly after.

The media giant emphasized that no final decisions have been made, and the project remains subject to shareholder approval and regulatory considerations.