Vivendi released its earnings for the first half of 2007 (read PDF of earnings release). Earnings before interest and income taxes (EBITA) and €2,596 million compared to €2,348 million for the first half of 2006, representing an increase of 10.6% (11.9% at constant currency). Wall Street has mixed feelings, though. While revenue and EBITDA were both up, earnings attributable to equity holders dropped almost 49% (due mainly to a 2006 gain from Vivendi's tax dispute settlement).

Universal Music Group EBITA was €220 million ($301.3 million), down €75 million. (It should be noted that UMG's first half 2006 earnings included €50 million recovery of expense related to a legal dispute with TVT.) At €163 million, EBITA in the second quarter was a 7.6% improvement over last year. Digital sales increased about 50%.