Vivendi to sell half its Activision stake

Vivendi, once the controlling shareholder in video game maker Activision Blizzard Inc., plans to sell about half of its remaining stake in an offering valued at $866 million.

The sale of 41.5 million shares is expected to be completed by May 28, Santa Monica-based Activision said Wednesday.

The sale frees up cash for Vivendi, which has been restructuring and sold most of its Activision stake last year in a deal led by Bobby Kotick, chief executive of the video game publisher. Vivendi has almost 83 million shares, or about 12%, of Activision, the maker of "Call of Duty" and "World of Warcraft," according to data compiled by Bloomberg.

Activision shares fell 1.9% to $20.47 in extended trading, after being halted for the news. The stock rose 0.2% to $20.87 at the close and has gained 17% this year. Paris-based Vivendi, the owner of Universal Music, gained 0.8% and is little changed for the year.

Copyright © 2018, Los Angeles Times
EDITION: California | U.S. & World