Vivendi Feels Sale Of NBC Universal Getting Closer
November 19, 2009 at 4:21 AM (PT)
VIVENDI SA CFO PHILIPPE CAPRON said VIVENDI, the parent company of UNIVERSAL MUSIC GROUP, wants to exit NBC UNIVERSAL, but added its board has yet to make a decision for this year as the situation is "complex." "We have never been closer to the end of the story. It's in the future, but I can't comment on timing or the likelihood of what will happen," CAPRON said.
THE WALL STREET JOURNAL reports, "VIVENDI's annual three-week window began NOVEMBER 15th that allows it to sell its stake in television and movie company NBCU either on the market or to NBCU parent GENERAL ELECTRIC. But the PARIS-based group has been silent on its intentions this year while GE, which owns the remaining 80% of NBCU, is in advanced talks with COMCAST CORP. for a deal to merge COMCAST's cable networks with NBCU. The deal hinges on VIVENDI selling its stake."
"It's a complex situation ...There is a conflict with the merger being negotiated which wouldn't comply with us doing an initial public offering," CAPRON said.