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Vivendi narrows vue field to two bidders
Paris, Aug 27: Vivendi Universal narrowed yesterday the field of bidders for US subsidiary Vivendi Universal Entertainment to two: General Electric unit NBC and an investor group led by Vivendi vice chairman Edgar Bronfman Junior.
Paris, Aug 27: Vivendi Universal narrowed yesterday the field of bidders for US subsidiary Vivendi Universal Entertainment to two: General Electric unit NBC and
an investor group led by Vivendi vice chairman Edgar Bronfman Junior.
The French media group said it had decided to enter further negotiations "with the two strongest bidders".
"Both bids include industrial and financial aspects (debt deconsolidation and cash or cash equivalents).
"In both cases, Vivendi Universal would maintain a substantial minority interest in a US media corporation with excellent growth potential," the company said in a statement following a board meeting to weigh offers. The group was hoping to secure 14 billion dollars (12.8 billion euros) from the sale. Vue assets have a value of 15 billion dollars on its balance sheet.
Vivendi also said it was still considering an initial public offering for Vue, whose assets include universal studios, cable television networks and theme parks.
In that alternative, an IPO "would take place after the implementation of strategic alliances aimed at strengthening its television activities," the company said.
In 2002, Vue posted sales of 6.9 billion euros and an operating profit of 946 million. The board ruled out an offer from US group Viacom,which had only been interested in acquiring Vue's cable television assets.
Bureau Report
"Both bids include industrial and financial aspects (debt deconsolidation and cash or cash equivalents).
"In both cases, Vivendi Universal would maintain a substantial minority interest in a US media corporation with excellent growth potential," the company said in a statement following a board meeting to weigh offers. The group was hoping to secure 14 billion dollars (12.8 billion euros) from the sale. Vue assets have a value of 15 billion dollars on its balance sheet.
Vivendi also said it was still considering an initial public offering for Vue, whose assets include universal studios, cable television networks and theme parks.
In that alternative, an IPO "would take place after the implementation of strategic alliances aimed at strengthening its television activities," the company said.
In 2002, Vue posted sales of 6.9 billion euros and an operating profit of 946 million. The board ruled out an offer from US group Viacom,which had only been interested in acquiring Vue's cable television assets.
Bureau Report