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SlideshowShould Orange Buy Vivendi?

Is Orange in the market for a media company?
Is Orange in the market for a media company?

James_B_Crawshaw 8/14/2018 | 2:25:28 PM
Should Orange Buy Vivendi? In a word, no. 

You cannot become a platform business by buying companies in adjacent industries and then hoping for some magical synergies to appear. 

60% of Videndi's EBITDA (before loss on "new initiatives and corporate costs) comes from music. What possible sense does it make for Orange to own a music publisher? 

30% of EBITDA comes from Canal +. It might make sense to buy this to get content for Orange's payTV business but why buy the business when they can license the content and avoid some of the risks of a hit/miss media business?

10% of EBITDA is from the stake in Havas and advertising and PR firm. Do telcos need to be in the advertising business? I don't think so. 


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