(Telecompaper) French telecom and entertainment conglomerate Vivendi has launched an internal feasibility study into how to spin off its French telecom subsidiary, SFR, without upsetting the group's credit rating or causing a fall in its share price, the Wall Street Journal reports. People familiar with the matter said such a deal could happen as early as autumn 2014. "De-consolidating SFR from the business would probably create value", said Vivendi CFO Philippe Capron said in a conference call with analysts after the group announced a deal to sell most of its stake in video game company Activision Blizzard. Capron added that a possible spin-off of SFR would be considered by the board "in due time".