A Paris appeals court determined this week that billionaire Vincent Bolloré and his holding company did not exercise controlling power over Vivendi following the media conglomerate's 2024 restructuring, averting a mandatory acquisition that analysts had valued between €6 billion and €9 billion. The ruling rejected arguments from activist minority investor CIAM, which held that Bolloré had circumvented France's 30% ownership threshold whilst maintaining effective control through personal influence and his network of media properties.

The judgment eliminates immediate pressure to liquidate Bolloré's other significant assets, particularly his stake in Universal Music Group, but does little to quiet concerns about media concentration in France. Bolloré's interests span pay-TV operator Canal+, news outlets CNews and Europe 1, radio station Europe 1, publishing house Hachette, and trade journal Journal du Dimanche. CIAM signalled its intention to pursue a final appeal to France's supreme civil court, whilst observers expect Bolloré's outsized influence over the French media landscape to remain a contested political issue heading toward the 2027 presidential campaign.