Revenues at Vivendi Universal increased by 6% to Â61 billion during 2002 thanks in part to a strong performance by Cegetel, the group’s telecoms division.
The acquisition of Barry Diller’s USA Networks resulted in a 27% increase in revenue at Vivendi Universal Entertainment taking full year sales to Â6.3 billion. The music division contributed a similar amount but only after a 4.3% decline in sales last year.
Vivendi has been selling assets in a bid to wipe out colossal debts and is believed to be considering an offer for its US entertainment businesses from oil billionaire Marvin Davis (see Davis Makes New Offer For VUE). However, chief executive Jean-René Fourtou has vowed not to sell the Canal Plus pay-TV chain (see Vivendi Will Retain Canal Plus, Says Report) and will be encouraged by the latest figures which show that revenues at the subsidiary increased by 6% to Â4.8 billion last year.