We initiated four new positions in the quarter: McDonald’s Corporation, Scripps Networks Interactive, Vivendi, and one undisclosed name. French company Vivendi (XPAR:VIV) consists of two key businesses — Universal Music Group, the world’s biggest record label, and Canal+ Group, France’s biggest pay-TV operator. The recent auction of Vivendi’s Brazilian broadband business, GVT (Global Village Telecom), highlights Chairman and 5% owner Vincent Bolloré’s focus on creating value for shareholders. Southeastern has invested in Vivendi successfully twice before, and the company’s focus, asset quality, and management team has grown even stronger.
From Mason Hawkins (Trades, Portfolio)’ Longleaf Partners Q3 2014 Management Discussion.
