Vivendi is an industrial group active in the recorded music industry with Universal Music Group (UMG) and pay television through its subsidiary, Groupe Canal+ (GC+). Vivendi is still a global giant in particular because it is the world leader in the recorded music industry. This company is a very interesting topic of study for several reasons. Vivendi is one of the few global giants that is not American. This company is of French origin and its management is still French. Furthermore, in the late 1990s and early 2000s, the company was the second largest media and communication player in the world, strongly positioned both in North America and Europe. Since the stock market crash of the early 2000s, Vivendi has declined significantly, selling most of its assets. Vivendi is thus an emblematic case of the players in the cultural industries that have struggled to win outside of their geographical area of origin—in the case of Vivendi, France and French-speaking countries—and beyond their original business (television). Indeed, its attempt to become a major player in the audiovisual industry in the U.S. has failed, as well as its diversification in telecommunications in Europe and also in emerging (Brazil) and developing countries (Morocco). Like other global giants, Vivendi has not been able to generate industrial synergies by taking advantage of its multiple positions in the various sectors of cultural industries (television, cinema, books, press, music, games), in telecommunications, and in different continents. Vivendi is also an examplary case of the ambiguous relationships between the actors of the cultural industries and the major financial players. During the 1990s, the company was strongly supported by the major financial players. This support enabled Vivendi to finance very large acquisitions. But, in the 2000s, to cope with the heavy debts of the company, the financial players required the sale of very significant assets. Vivendi, which was (and is still) mainly positioned on mature activities—the cultural industries—with low growth prospects, has significantly reduced its perimeter. Today, despite the loss of most of its assets, Vivendi remains a conglomerate. UMG and GC+ do not maintain synergies. In the future, it is not certain that these two components will continue to be part of the same company.