The New York Times asks today, "Is Vivendi in play?" After a failed bid for the corporate giant, there are reports that investors and board members favor breaking up the company.

"Up until the talks with K.K.R., executives at Vivendi had seemed to be against any sale or breakup of the company. But people involved in the recent talks said it was Vivendi that invited K.K.R. to make a friendly offer, opening the possibility that the company could welcome discussions with other suitors."

The article quotes from a Morgan Stanley analyst's report that tells investors Vivendi's linkages between telecom and media are "not of such a scale as to justify the business being retained as a single group." In that case, an equity firm could buy Vivendi and sell off its various units. Later in the article, that opinion is balanced by noting that the company's chief executive considers its units to be "different and complementary."

Vivendi owns Universal Music Group, the world's largest. It recently purchased Bertelsmann's music publishing business. The company also owns Canal Plus and French mobile operator SFR.

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