By Anne Steele

Vivendi SE shareholders approved the French media company's plan to spin off its Universal Music Group unit, bringing the world's largest music company a step closer to becoming its own public entity.

With more than 99% approval, shareholders backed the plan to distribute 60% of Universal's shares to existing Vivendi shareholders and to list the company on the Euronext Amsterdam stock exchange. Vivendi executives said the listing would take place on Sept. 21.

Universal, home to stars including Taylor Swift, Billie Eilish, Queen and the Beatles, commands some 40% market share in the domestic recorded music business--30% globally--and operates the world's second-largest music publishing company, which last year bought Bob Dylan's entire songwriting catalog.

Matthew Dalton also contributed to this article.

Write to Anne Steele at anne.steele@wsj.com

(END) Dow Jones Newswires

June 22, 2021 06:29 ET (10:29 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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