Vivendi said Tuesday that its supervisory board has approved a proposal by its management board to split the group into four entities - Canal+, Havas, a company combining publishing and distribution assets, and an investment company.

The media giant had announced in December that it would study a project to split its activities into several entities.

A further progress report on the demerger project will be presented at the Supervisory Board meeting on March 7, the date of publication of the group's annual results, Vivendi announced in a press release.

A number of important stages will also have to be completed, the group recalled, citing consultation with the employee representative bodies of the entities concerned, obtaining the necessary regulatory authorizations, the required approvals from the group's bondholders and other lenders, and then, if necessary, shareholder consent.

This project, designed to give all activities the human resources and financial agility necessary for their development, will have to demonstrate its added value for all stakeholders, and include an analysis of the tax consequences of the various operations envisaged, it is written in the Vivendi press release. (Written by Jean Terzian)