Wedbush Morgan Securities analyst Michael Pachter has said in a note to investors (PDF) that it is unlikely that Vivendi would sell off Activision Blizzard. Recent rumors have indicated that the company which owns a majority stake in the publisher responsible for Call of Duty and Diablo III was looking to unload the company.
While Pachter describes the sale of the publisher as "the preferred route" for Vivendi, he also points out that there aren't very many companies capable of making such an expensive purchase – which is valued by some as somewhere in the neighborhood of $10 billion.
Pachter thinks that the real outcome will be that Vivendi separates the publisher from its main business to operate on its own. This would require some hefty financing, but it would also give the company an estimated $5 billion in cash. This would ease Vivendi's burden, and would ultimately lead to better stock prices for Activision.
With that in mind, Wedbush maintains an "outperform" rating for Activision Blizzard at this time.