The strong performance of the Canal+ Group helped Vivendi beat first half forecasts. The premium channel group added 94,000 new subscriptions with the figures adjusted to take into account the merger with the TPS platform. The group has accelerated the migration of the remaining analogue subscribers, with 240,000 upgrades since January 2009 taking it ahead of targets.
A total of 300,000 subscribers now take premium options including HD, Multiroom and PVR. EBITA grew to reach E472 million, E121 million up on the same period in 2008,
With 70 per cent of revenue coming from phone, internet, pay-TV and online video games subscriptions, Vivendi is viewed as one of the most defensive stocks in the media sector, with low exposure to bleak advertising markets.