Utilize the input text as a context reference, choose the right relationship between Vivendi and Universal Music Group from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

Vivendi now owns the largest record label Universal Music Group and French pay-TV operator Canal Plus (Paris: FR0000125460 - news ) , as well as a 19.9 percent stake in Telecom Italia (Other OTC: TIAJF - news ) and about 1 percent of Spain's Telefonica (Amsterdam: TA6.AS - news ) .

Answer: subsidiary