A new, but wholly familiar, figure has emerged as a bidder for the American entertainment assets of Vivendi Universal.
Edgar Bronfman Junior, currently vice-chairman at Vivendi, has informed the board that he is convening a group of investors with a view to procuring the US-wing of the enterprise.
The music company, film studios, theme parks and cable channels which make up Vivendi Universal Entertainment were sold by the Bronfman family back in 2000.
The process now threatens to go full circle with Vivendi’s debt problems prompting the decision to put VUE on the market (see International).
Bronfman has the backing of Cablevision, one of America’s leading cable operators, while Wachovia Securities and Merrill Lynch have promised to provide debt financing.
It is thought that the consortium faces competition from the likes of Viacom, Liberty Media and General Electrics but Bronfman is in a strong position given his relationship with Vivendi and the fact that he is willing to take on the struggling Universal Music Business.
