Vivendi Universal, the France-based media and entertainment group, moved into the black in its third quarter, for the first time in two years. Net profits at the company came in at €131 million, up from a loss of €1.2 billion in Q3 2002.
Vivendi said that the performance of its various media business units has been varied. Canal Plus Group had another stronger quarter, with a positive operating income and a positive cash flow. Vivendi Universal Entertainment also had a good period. By contrast, Universal Music and Vivendi Universal Games experienced significant weakness, mainly driven by revenue decline.
The group says that the restructuring of the non-core businesses is making progress with operating loss down to €26 million, versus €152 million a year ago.
In October, Vivendi agreed to sell its US entertainment assets to General Electric-owned NBC for $3.8 billion (see Vivendi And NBC Tie Up Entertainment Deal).
