The company had been seeking about €7bn in an all-cash deal for the business, but received bids lower than it had hoped for.
Vivendi spokesman Simon Gillham was cited by the Wall Street Journal saying the company has decided not to sell for "silly prices".
"We're absolutely convinced we have a great asset, we're very happy to continue developing it within the Vivendi family," Gillham said.
Vivendi's move comes as satellite-TV operator DirecTV, which had been one of the prime bidders, decided to walk away from bidding.
The other bidder for GVT was a consortium of private equity firms led by KKR that offered a lower price compared to DirecTV.
GVT had been put under the hammer in summer 2012 as Vivendi reassessed its business portfolio in mobile telephony, video games and music.
Vivendi is also reported to be seeking a purchaser for its controlling stake in Maroc Telecom.