Despite a solid balance sheet and good cash flow, Vivendi played down prospects of making acquisitions in the near-term and notably in Spain, where it has been looking at pay-TV company Digital+. With 70 percent of revenue coming from phone, Internet, pay-TV and online video games subscriptions, Vivendi is viewed as one of the most defensive stocks in the media sector, with a low exposure to a bleak advertising market, analysts say. Universal Music Group , the world's biggest record company, and French telecom operator SFR, expects EBITA growth in 2009 to top the 4. The economic slump and regulatory costs were, however, expected to limit Canal Plus's growth, with Vivendi predicting slight revenue growth in 2009 and a 10 percent rise in EBITA. Universal Music, whose artists roster includes Amy Winehouse and Duffy, was expected to maintain its 2009 EBITA at 2008 level at current currency. read more
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