Jean-René Fourtou, the new chief executive of Vivendi Universal, yesterday met with senior management for a strategic review amid speculation that he is planning to sell off parts of the debt-ridden media group.
Vivendi is some E16.7 billion in arrears and talks over a financial rescue package are ongoing. Nonetheless, the
FT reports that the banks involved may insist on large scale asset disposal before they offer extra funding.
Vodafone is believed to be interested in Vivendi’s 35% share in SFR, France’s second-largest mobile operator, and any deal could raise up to E6 billion.
The tribulations at Canal Plus, the struggling pay-TV operator, have been the cause of much consternation at Vivendi and led to the resignation of former chief executive, Jean-Marie Messier. The broadcasting company, TF1 which completed the takeover of TPS this week (see French TV Groups Swoop For TPS), could make an approach for the group.
However, reports in the French press suggest that Fourtou is expected to hold on to the profitable French channels while looking to sell off the film production and distribution assets as well as Vivendi’s international operations.
Canal Plus is still negotiating the sale of the Italian pay-TV group Telepiu to News Corp (see News Corp Set To Take Telepi) but Rupert Murdoch is believed to have withdrawn his initial bid of E1.5 billion.
