Europe’s largest entertainment group, Vivendi, has stood by its 2009 outlook said it was confident it could weather the global economic downturn as it posted a 16 per cent rise in first-quarter underlying earnings, slightly above expectations. The owner of NBC and Universal Music Group said it was on track to achieve its 2009 goals for strong growth in earnings.

With 70 per cent of revenue coming from phone, Internet, pay-TV and online video game subscriptions, Vivendi is viewed as one of the most defensive stocks in the media sector, with low exposure to the advertising market.

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