Revenues at Vivendi Universal fell by 14% in the three months to June, raising doubts about the price tag put on the company’s US entertainment unit.
Turnover was down to €6.10 billion from €7.08 billion in the the second quarter last year, with the decline blamed on asset disposals and the falling value of the dollar.
Vivendi Universal Entertainment fared particularly poorly with revenues slipping 15% to €1.52 billion. The division, which includes Universal Pictures and USA Networks, is currently up for sale and has been valued at $14 billion.
Earlier this week, Metro Goldwyn Mayer withdrew from the bidding, claiming that the asking price was too high (see Havas To Consolidate Global Operations).
