The troubled media giant, Vivendi Universal has vowed to look to the future as it bids to reduce the huge debts built up by former chief executive, Jean-Marie Messier.
Current boss Jean-René Fourtou has committed the company to an asset disposal programme that is designed to raise E12 billion over the next eighteen months. He also confirmed at a board meeting on Wednesday that Messier, who was ousted in July, (see
Vivendi Launches Debt Relief Strategy) would not receive any severance pay. Following the meeting, six other directors have left the board but Fourtou was eager to assure shareholders that Vivendi was over the worst of the crisis.
A E3 billion loan agreement finalised last week (see Vivendi Buys Time With E3 Billion Loan Deal) has given the hierachy breathing space to implement a debt reduction strategy. First steps have already been taken with the £120 million sale of Canal Plus Technologies to Thomson Multimedia and Fourtou is poised to sell Italian pay-TV group Telepiu to News Corp for a knockdown price (see News Corp Closes In Deal To Take Telepiu).
Vivendi is also accepting bids for its global publishing arm and the international operations of Canal Plus. However, it has pledged to hold on to its US entertainment businesses at least until media stocks recover their value.
