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Vivendi to sell up to 50% of Universal Music Group

Vivendi SA confirmed it is considering selling up to 50% of its stake in Universal Music Group "to one or more strategic partners," London's Financial Times reported July 30.

The process, which is expected to be initiated this autumn, could reportedly be completed within the next 18 months, the global media group said. Vivendi will hire banks to look for buyers.

The company, however, dismissed the option for an initial public offering of the business "due to its complexity," according to the report.