Vivendi Makes Millions Selling Activision Stock - No One Knows Who To

It's easy to forget that Activision became Activision/Blizzard when French media giant Vivendi merged its games division (including Blizzard) with it in 2008. Unless, that is your are Vivendi, which just sold 40% of its stake in Activision for $427million.

Bloomberg reports that "Vivendi, based in Paris, sold 35 million shares at $12.20 apiece after offering them for as much as $12.30, two people with knowledge of the transaction said, declining to be identified as the process was private. Vivendi did not provide a final price in a statement on its website announcing the sale."

The report also states that, "Vivendi Chief Executive Officer Jean-Bernard Levy is selling assets to help maintain the firm’s credit rating while financing recent purchases", these purchases include a the UK's EMI music business.

Source: Bloomberg.