Vivendi Universal, the France-based media and entertainment group, moved into the black in its third quarter, for the first time in two years. Net profits at the company came in at Â131 million, up from a loss of Â1.2 billion in Q3 2002.
The group says that the restructuring of the non-core businesses is making progress with operating loss down to Â26 million, versus Â152 million a year ago.
In October, Vivendi agreed to sell its US entertainment assets to General Electric-owned NBC for $3.8 billion (see Vivendi And NBC Tie Up Entertainment Deal).