PARIS (Reuters) – French media conglomerate Vivendi said its plans for a possible sale of a stake in its Universal Music Group (UMG) arm were proceeding in line with the company’s planned timeline.

Vivendi issued the update after the company’s supervisory board met Vivendi’s management chairman Arnaud de Puyfontaine to discuss various topics such as UMG and plans to develop and expand the Canal Plus TV arm overseas.

“The Vendor Due Diligence was presented to the Supervisory Board, in line with the announced timeline,” Vivendi said in a statement regarding UMG.

Vivendi plans to sell the UMG stake, which some analysts have valued at 40 billion euros ($44.7 billion), to maximise the music arm’s value and help fund purchases of other businesses.

($1 = 0.8956 euros)