Vivendi Universal yesterday announced record losses of Â23.3 billion for 2002 but senior management has expressed confidence that the worst of the crisis is now over.
Cost cutting and a number of asset sales have enabled the company to reduce its debts to Â12.3 billion but Messier’s successor, Jean-René Fourtou, has not ruled out further disposals and admitted that he had met Sumner Redstone, the chairman of Viacom, to discuss the possible sale of US entertainment operations (see Viacom Eyes Up VU Entertainment Division).
Fourtou told analysts that 2003 would be a year of transition and intimated that a full recovery would not be possible until 2004. However, this did not prevent shares falling by 7.5% to Â11.5 at the close of trading in Paris.