Revenues at Vivendi Universal increased by 6% to €61 billion during 2002 thanks in part to a strong performance by Cegetel, the group’s telecoms division.
Excluding businesses that have been sold off, Vivendi’s full year revenue was up 11% to €28.1 billion. Cegetel which includes SFR, France’s second-largest mobile operator, saw sales rise by a similar percentage to €7.1 billion. This would appear to justify VU’s recent decision to extend its stake in the telecoms group to 70% (see
Vivendi Swoops For Cegetel Stake).
The acquisition of Barry Diller’s USA Networks resulted in a 27% increase in revenue at Vivendi Universal Entertainment taking full year sales to €6.3 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 €4.8 billion last year.
