Vivendi Universal, the heavily indebted media giant, has secured a loan of E3 billion which will give the group breathing space in its ongoing asset disposal programme.
Jean-René Fourtou, the company’s chief executive, is committed to reducing Vivendi’s E19 billion debt and has already agreed the sale of the Vizzavi internet portal and the Express-Expansion magazines group (see
Vivendi Offloads High Profile Assets). A deal is also in place to offload the Italian pay-TV business Telepiù to News Corp for E1 billion (see
News Corp Closes In Deal To Take Telepiu).
The new loan is supported by a number of prominent banks including ABN Amro, Credit Lyonnais and Credit Suisse First Boston and gives Fourtou time and space to consider long term strategies. Canal Plus Technologies and Vivendi’s book publishing arm are now up for sale and further details of the disposal plan will be announced to investors next week.
