Vivendi Sells Stake in Activision, Nets Over $1 Billion

Bloomberg: Vivendi sold its remaining 5.7 percent stake in Activision Blizzard, resulting in net proceeds of $1.1 billion, after shares of the U.S. maker of video games almost doubled in the past year. Vivendi also unwound a hedge it had placed on the stake, allowing it to recover a cash deposit of $400 million, the Paris-based media and entertainment company said. Vivendi sold the shares to financial institution that it didn’t identify.