Vivendi wholly owned Vivendi Games which Blizzard, Sierra games, and a few other game developers were a part of. The Vivendi games division then broke off from Vivendi and merged with Activision to form the new company Activision Blizzard. As agreement to the merger Vivendi would retain 52% ownership of the newly formed company. Activision's stock holders previous to the merger would get some sort of stock conversion into the remaining 48% of the new company.
So therefore 52% of Activision Blizzard is owned by Vivendi's stock holders while the remaining 48% of Activision blizzard is owned by the stock holders of the former company Activision. Which could either be other institution's or individuals. Just like the stock holders of Vivendi.
Vivendi does own a controlling share(more than 50%) in the new company Activision Blizzard though so they can pretty much control the company how they see fit.
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