Arnaud de Puyfontaine, President / CEO of Vivendi for the past eight years, was previously CEO of Hearst Magazines for the UK and Western Europe, CEO of Mondadori France, and of EMAP France. Since 2014, Vivendi has built a world-class media, content and communications group. The €13bn group owns complementary assets in television and movies (Canal+), marketing communications (Havas), book publishing (Editis), magazines (Prisma Media), video games (Gameloft), and live entertainment and ticketing (Vivendi Village). Last year, Vivendi IPOd its Universal Music Group (now valued at €45bn) in which it retains a 10% share. The company, which operates in Europe, North America, the AsiaPacific, and Africa, is based in Paris. De Puyfontaine is a graduate of ESCP Europe and the Harvard Business School. He has been honoured in the UK with an OBE (Order of the British Empire) and in France by leading a national review of the media under then President Sarkozy.
What was your earliest childhood ambition? And when did you first think about a media career?
I grew up inspired by my maternal grandfather, a journalist and writer. After a business school, I was supposed to start my career in finance. The media caught up with me: during my studies I had the opportunity to launch Le Figaro Grandes Ecoles, the supplement to the reference French daily newspaper. My vocation was born.
What was your first job in media and what did you learn from it?
I first took the role of Executive Director of Le Figaro. I learned everything there about the media sector, and how much creative skills and business capabilities are intrinsically linked.
You have been an executive in media companies owned variously by French, Italian, British and American. Do the different nationalities do things differently?
As always, cultural differences are mainly noticeable in inter-personal relationships. Hierarchies in French companies may be stronger, yet British and American ones are sometimes more efficient in aligning everyone once a decision has been taken. My mentor at EMAP, (former CEO) Kevin Hand, taught me that. Italian-owned companies may be a combination of all of these characteristics.
Is the media market in France very different from the UK?
Both markets are very dynamic and creative. There are many examples of successful transformation on both sides of the Channel. If I had to mention one difference, I would say regulation is a little less restrictive in the UK. The development of French groups is sometimes hindered by regulations.
What’s so special about Vivendi?
Vivendi is a big yet agile company, covering almost all areas of the media and creative industries (TV, movies, music, communications, book publishing, magazines, video games). This complementary portfolio means we are one of the only European groups able to build a cultural alternative to the American giants.
What is your proudest achievement at Vivendi?
Having built a talented team and together been able to continuously transform our activities, from music (Universal Music Group, valued at €45bn in 2021 v €7bn seven years previously) to media and publishing.
What is your primary role in the business? What do you most enjoy?
As CEO, I see myself as a conductor of an orchestra, defining the tune and the tempo. What I find most exciting is building the strategy with my chairman and empowering the Vivendi teams to deliver, while always thinking about the next acquisition, the next move.
Do you think there will still be mass market print newspapers and magazines in, say, 10 years?
Since I began working in the business, I have heard continually about the death of print. I certainly do not believe it is inevitable. There is certainly still a real appetite for specialized, niche magazines. But I am convinced there is also still room for many larger titles in print as well as digital.
There is nothing like reading newspapers and magazines while drinking your morning coffee.
Which company do you most admire?
I have on my desk a drawing by Walt Disney from the 1950s. I admire the company for its ability to develop activities across the media and entertainment space that can benefit from each other. One addendum: I follow with great interest the story around the UK-based Future Plc.
What’s the best lesson you have learned in your business career?
Prepare for the next lesson! Even with 30+ years experience in a sector, you will never stop learning, because the world itself is changing at a dizzying pace.
