French Vivendi profit falls in Q1

(MENAFN) Net profit of the France-based Vivendi saw a drop by fifth in the first three months of 2014 after selling telecom assets to focus on its media business, according to Oman Observer. The group's earnings also dropped by 19.3 percent in the quarter to reach USD590 million compared to the same period a year earlier. The group is pulling back from France"s competitive telecom sector in favor of its media business, including its pay-TV unit Canal Plus and record label Universal Music Group.