Clients want business partners, not silos: Yannick Bolloré, Chairman and CEO of Havas

In an era where conglomerates are increasingly under pressure to unlock shareholder value, Vivendi's bold restructuring has grabbed global headlines. Spearheaded by Yannick Bolloré, Chairman and CEO of Havas, the group recently spun off three of its key entities—Canal+, Havas, and Lagardère—listing them on three different stock exchanges: London, Amsterdam, and Paris, respectively.

Bolloré in a fireside chat during Storyboard18 Marquee Nights discussed the motivations behind this unprecedented move, the implications for the businesses, and how Havas is positioning itself to compete with global advertising giants like WPP and Publicis.

Vivendi, long viewed as a media and communications conglomerate, was trading at a significant discount—nearly 45%—due to the market's skepticism about conglomerate structures. According to Bolloré, “The split was about unlocking the true value of our assets.” He cited Vivendi's earlier spin-off of Universal Music Group in 2021 as a success story. Valued at €25 billion pre-spin, UMG’s value has since doubled to €50 billion post-listing in Amsterdam.

“That success laid the groundwork,” Bolloré explained, “and gave us confidence to replicate the strategy with our other leading businesses.”

The decision to list Canal+ in London, Lagardère in Paris, and Havas in Amsterdam raised eyebrows. But Bolloré clarified that the move was strategic. London offers Canal+ better international visibility, especially as it pursues a joint venture with African pay-TV giant MultiChoice. Paris was a natural fit for Lagardère given its strong French roots. As for Amsterdam, it was chosen for Havas to guard against potential hostile takeovers, thanks to protective governance structures permitted under Dutch law.

“When clients heard Havas was going public, there were concerns about a takeover. Amsterdam's structure gives us the ability to remain in control of our destiny. We decided to list Havas in Amsterdam because we created a foundation that gives power to the board to decline any possible hostile bid or takeover.” Bolloré stated.

Havas remains a core part of the Bolloré family vision. Despite the listing, the family retains a 30% stake, enabling long-term governance and strategic consistency. “We are the only global advertising group with family ownership. That allows us to think long-term, unlike publicly held competitors who often operate quarter-to-quarter,” he said.

Havas has grown significantly in India, one of its fastest-growing markets, scaling tenfold in just seven years. “We’ve made five to six acquisitions in India alone,” Bolloré noted, highlighting a deliberate push to consolidate independent agencies and unify them under the Havas culture.

Asked how Havas plans to stand out in a market dominated by mega-holding companies like WPP and Publicis, Bolloré emphasized integration and agility. “We are the most integrated network in the industry. Clients want business partners, not silos.”

Bolloré also stated that "The media industry will always be shaped by those who can tell the best story, not just the loudest one. In a fragmented market, integration is the thread that weaves diverse talents into a powerful whole."

He also welcomed the recently announced merger between IPG and Omnicom, seeing it as validation of the need for scale. “It proves our model is right. And it presents us an opportunity to attract top talent and clients who prefer agility over bureaucracy.”

Bolloré stated, "The merger between IPG and Omnicom is about cost synergies, but for us, scale is an advantage to attract great talent and stay agile. The future of advertising will be a mix of large groups operating at scale and small agencies that disrupt thinking."

The listing has provided unexpected advantages. Quarterly earnings have not only shown strong performance but also enhanced Havas’ visibility among clients and potential talent. “It’s been a fantastic branding tool,” said Bolloré, adding that equity incentives post-listing have aligned employees' interests with the company’s success.

Despite the changing media and tech landscape, Bolloré remains focused on future-proofing. “You have to stay humble. Whether it’s AI, data, or even the short-lived metaverse craze, we invest to understand. Some bets work out, others don’t—but missing a disruption is the real risk. If you want to remain future-proof, never be arrogant. Stay humble—even if you are in some markets or in your industry.”

As the media landscape rapidly digitizes—with digital ad spend surpassing 50% of total advertising in markets like India—Bolloré sees integration and long-term vision as key competitive advantages. And while the big players consolidate, he believes there’s still room for small, disruptive agencies—but at the global level, scale remains a significant barrier to entry.

“Digital now represents more investment than TV plus radio plus mobile combined. It’s huge, especially in India. Integration is key, and Havas has been a pioneer in bringing together media, creative, social, and PR agencies under one roof."