The troubled media giant, Vivendi Universal has vowed to look to the future as it bids to reduce the huge debts built up by former chief executive, Jean-Marie Messier.
A E3 billion loan agreement finalised last week (see Vivendi Buys Time With E3 Billion Loan Deal) has given the hierachy breathing space to implement a debt reduction strategy. First steps have already been taken with the £120 million sale of Canal Plus Technologies to Thomson Multimedia and Fourtou is poised to sell Italian pay-TV group Telepiu to News Corp for a knockdown price (see News Corp Closes In Deal To Take Telepiu).
Vivendi is also accepting bids for its global publishing arm and the international operations of Canal Plus. However, it has pledged to hold on to its US entertainment businesses at least until media stocks recover their value.