Vivendi SE’s Canal+ is considering a potential initial public offering (IPO) on the London Stock Exchange, as shared by individuals with knowledge of the matter.

The French corporation, under the leadership of billionaire Vincent Bolloré, is collaborating with advisors, including BNP Paribas SA, to facilitate the spinoff of the broadcasting entity.

The potential listing could transpire as early as the end of the current year, according to confidential sources. This spinoff aligns with Vivendi’s objective to expedite its long-anticipated breakup plan, which has been in development since the previous year.

Internal discussions are in progress, and definitive determinations regarding the timing and location have not been reached, the individuals stated. Alternative listing venues, such as Amsterdam, remain under consideration, they added. Representatives for BNP Paribas and Vivendi declined to comment, while a representative for Canal+ did not immediately respond to requests for comment.

Vivendi’s stock experienced a notable increase, reaching a peak of 6.3% and surpassing its highest point since June 2022. This surge was triggered by a report published by Bloomberg News.

Vivendi is contemplating a strategic restructuring plan involving the division of the company into four distinct listed entities. This reorganization aims to unlock the inherent value of its diverse assets, encompassing pay-TV, advertising, music, and publishing operations. The proposed structure would establish independent listings for Havas, Vivendi’s publishing arm, and Canal+.

Notably, in 2021, the company successfully listed its most valuable asset, Universal Music Group NV, on the Amsterdam Stock Exchange. Since then, the stock has experienced a 9% increase in value, resulting in a market valuation of approximately €50 billion ($54 billion). This valuation surpasses Vivendi’s current market capitalization of €11 billion.

Canal+, initially a French television channel, has transformed into a multifaceted media entity encompassing content creation, distribution of third-party channels, and platforms like Bein Sports, Netflix, and Disney+. With a subscriber base of 26.4 million across 50+ countries, the company experienced a 4.3% revenue growth to €1.5 billion in the first quarter, contributing approximately 36% to Vivendi’s overall revenue.

London is a more appealing location for Canal+ as the company expands its international presence. Canal+ has been actively investing in new markets, including the acquisition of Swedish player Viaplay Group AB and Hong Kong-based streamer Viu, which focuses on Asia and the Middle East. Additionally, Canal+ has proposed the acquisition of South Africa’s MultiChoice Group, the largest pay-TV company on the continent.

In the context of London’s financial market, a significant listing would represent a crucial achievement, considering the prolonged absence of initial public offerings in recent years. This situation has resulted in the loss of prominent entities, such as chip designer Arm Holdings Plc, to New York.

Additionally, listed firms like CRH Plc have sought to access the more extensive investor base available across the Atlantic. In response, the UK’s Financial Conduct Authority has recently introduced new regulations for listings, aiming to enhance the city’s appeal to potential issuers.