PARIS, Jan 30 (Reuters) - French media company Vivendi said on Tuesday it was studying splitting up into four entities, giving an update on a plan first flagged at the end of last year to carve itself up in order to boost the growth and development of each resulting, separately listed company.

"Since ... 2021, Vivendi has endured a significantly high conglomerate discount, substantially reducing its valuation and thereby limiting its ability to carry out external growth transactions for its subsidiaries," the company said in a statement.

Vivendi, in which France's billionaire Bollore family holds the biggest individual stake, said the four businesses that could be spun off in this way included its TV unit Canal Plus and its advertising arm Havas.

The other two would be a company grouping the assets in publishing and distribution, including Vivendi's majority stake in French company Lagardere and wholly owned Prisma Media, and an investment company.

"This split project would provide each of the four listed companies with the human resources and the financial agility necessary for their development," Vivendi said.

"This project will have to prove its added value for all stakeholders and include an analysis of the tax consequences of the various contemplated operations."

Shares in Vivendi closed up 0.15% on Tuesday, giving it a market capitalisation of roughly 10.6 billion euros ($11.49 billion).

Since Vivendi said, on Dec. 13 2023, it was considering splitting its activities, its share price has gone up 15% versus a rise of 6% of the STOXX Europe 600 media index over the period.

"A new update on the study of the split project will be presented to the supervisory board meeting convened on March 7, 2024, the day of the publication of the group's 2023 annual results," Vivendi said in a statement.

Vivendi said several other important steps should be taken, including the consultation of the employee representative bodies of the concerned entities, the necessary regulatory approvals, the approvals required from bondholders and the group's other creditors as well as the consent of shareholders. ($1 = 0.9223 euros) (Reporting by Benoit Van Overstraeten; Editing by Chris Reese and Emelia Sithole-Matarise)