Bertelsmann AG, Europe’s biggest media company, may sell its music publishing division to France’s Vivendi SA as part of an effort to raise funds, two people familiar with the planned transaction said.

Bertelsmann and Paris-based Vivendi may announce an agreement as early as tomorrow, said the people, who spoke on condition of anonymity. One person said Vivendi’s Universal Music Group may pay 1.63 billion euros ($2.1 billion) for the division.

Bertelsmann put BMG Music Publishing, owner of the rights to songs from artists including Justin Timberlake, rapper Nelly and singer-songwriter R. Kelly, up for sale after paying 4.5 billion euros to buy back a stake in itself. The move handed full control of Bertelsmann back to Germany’s Mohn family and thwarted plans by an investor to list the stake.

Bertelsmann spokesman Andreas Grafemeyer declined to comment when reached by phone today. Antoine Lefort, a spokesman for Vivendi, couldn’t immediately be reached.

Bertelsmann, based in Guetersloh, Germany, releases first-half earnings tomorrow.

Bertelsmann also owns publisher Random House, half of Sony BMG Music Entertainment, the world’s second-largest music company, and controls Gruner & Jahr, Europe’s biggest magazine publisher.

Universal is the world’s largest music company, with about 25% of the $33 billion global music market and artists including Elton John and Keane.