Vivendi Universal, the 20 percent stakeholder in NBC Universal, on Thursday reported a 12 percent decline in second-quarter revenue to 5.42 billion euros ($6.4 billion), a more modest decline than was expected following the merger of Vivendi Universal Entertainment with NBC in May.

That merger removed a sizable revenue generator for the French conglomerate. But the blow was softened by improved results at the company’s music and telecommunications units.

The company releases profit results separately.