Vivendi Universal chief Jean-René Fortou has reportedly backtracked on plans to break up, sell and float various tranches of the Canal Plus pay-TV broadcasting business.
According to a report in today’s
Financial Times, Fourtou has sent a letter to Vivendi employees indicating that Canal Plus is no longer for sale and that it will retain its position in Vivendi Universal.
In July last year, Fourtou announced plans to break up the Canal business and sell its foreign operations (see Canal Plus Network To Be Fragmented). The new plan is to reduce VU’s debt through the sale of other assets, according to the FT article.
Vivendi is understood to have been approached by US oil tycoon, Marvin Davis, who has presented a $15 billion offer for the group’s entertainment assets (see Davis Makes New Offer For VUE).
