Vivendi Universal is believed to be considering a new bid for its US entertainment businesses from the oil tycoon Marvin Davis.
It is alleged that Davis held a closed doors meeting with Vivendi boss Jean-René Fourtou last week in which he offered $15 billion for VUE, which includes Universal Studios and Universal Music. He has also agreed to take on $5 billion of the Franco-American company’s debt.
Fourtou previously rebuffed the advances of Davis (see Vivendi Receives €15bn Offer For Ents Businesses) but the prospect of being able to slash Vivendi’s debt mountain is clearly tempting. However, any deal would require the co-operation of VUE chairman Barry Diller who is entitled to more than $2 billion to cover tax liabilities in the event of a sale.
In a separate move, Fourtou is reported to be preparing to fire the head of Canal Plus, Xavier Couture and order hundreds more job cuts at the loss-making pay-TV operation.
