REPORT: VIVENDI TAPPING BANKS FOR UMG SALE

Reuters is reporting that Vivendi will appoint investment banks on 7/25 to oversee the sale of 50% of UMG, citing "sources close to the matter."

That day will also see Vivendi issue its earnings report. Billionaire boss Vincent Bolloré (pictured) plans to wear his novelty tie with the Euro signs on it.

Valuation of UMG has enjoyed a wide range of estimates in the year since Vivendi embarked on this odyssey, from €17b ($19b) to €44b ($49b+). Vivendi shares were up 1.2% following the report; it has since leveled off but is up about half a point at $27.65. 

Vivendi reps declined to comment for the Reuters story.