By Olivia Bugault

Vivendi SA (VIV.FR) said Thursday it has opened Universal Music Group's share capital to potential new partners, as it reported a rise in third-quarter revenue.

The French company said it is pursuing the potential sale of additional minority stakes in its music subsidiary to other partners. Vivendi said that the due diligence process to sell a 10% stake in UMG to Tencent Holdings Ltd. (0700.HK) is ongoing and should be completed in the coming weeks.

Revenue for the third quarter rose nearly 17% to 3.97 billion euros ($4.39 billion) compared with EUR3.4 billion a year earlier, mainly due to the strong growth of its subsidiary UMG.

At constant currency and perimeter, revenue increased 7.2%, it said. Revenue grew over 20% at its Universal Music Group unit.

Write to Olivia Bugault at olivia.bugault@dowjones.com

(END) Dow Jones Newswires

October 17, 2019 12:22 ET (16:22 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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