French media giant and the vacuum that sucked away the Bronfman family fortune Vivendi has rejected a break up proposal from a top shareholder. The board and top management believe the company is better off as is and you know what, maybe they're right.

The company earned 707 million euros ($900 million) in the first quarter, up from 501 million euros a year earlier. Analysts surveyed by Dow Jones had expected net profit of 561 million euros ($714 million).

Vivendi said it expected adjusted net profit to grow by 16 percent, to about 2.4 billion euros ($3.1 billion) this year, compared with a previous forecast of 11 to 13 percent. Adjusted net profit excludes charges like impairment of good will and income from discontinued operations.

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