Vivendi Universal, the financially stricken international media group, has agreed the sale of its French consumer press division and its stake in the internet venture Vizzavi as it seeks to reduce mounting debts.
The two deals, which will amount to almost £300 million in total, represent the first steps taken by chief executive Jean-René Fourtou to raise £6.4 billion over the next two years.
As anticipated, Vodafone is to acquire Vivendi’s share in Vizzavi which was an object of affection for ousted boss Jean Marie Messier but has been haemorrhaging cash for some time. The value of internet assets has slipped since the portal was set up two years ago and Vodafone will pay just £90 million for Vizzavi which is to be integrated with the company’s other mobile services.
The publishing interests, which include the Comareg division and the news magazine Express, are to be bought by the owner of the French newspaper Le Figaro for approximately £190 million.
