25/09/2002 - French media giant Vivendi Universal decides to implement its assets disposal programme right away and confirmed it will resolve liquidity problems by raising Euros 12 billion over the next 18 months

Vivendi Universal has decided to concentrate its activities in the communications, media and telecommunications sectors and is implementing an assets disposal programme to counter its liquidity problems. Jean-René Fourtou, who was appointed to the presidency of VU in July, announced sales that are expected to bring in Euros12 billion over the next 18 months, Euros6 billion by June 2003, as opposed to his August forecast of Euros10 billion over 24 months. Today it was announced that one of Italy’s two pay-TV digital platforms, Telepiù, had been sold to Rupert Murdoch’s News Corporation for Euros1 billion. This operation will reduce VU’s massive debts (Euros35 billion in June 2002) by Euros220 million. Telepiù was one of Canal Plus’s (VU’s film and TV subsidiary company) biggest money-losers. VU is currently reorganising Canal Plus; disposing of all its non-French activities, as well as those that are in the red like Canal+Technologies that was sold today (25 September) to Thomson Multimedia (TMM) for Euros190 million.
“In the end of all this, the new Vivendi will be an entertainment group that focuses on creating content for its clients, and will be a majority shareholder in Cegetel and Vivendi Environnement,“ said Fourtou at the end of the VU board meeting.
The new strategy failed to convince all international markets, somewhat disappointed by the lack of new asset disposal programmes and sure-fire data. Vivendi Universal shares closed up 2 per cent at Euros 12.21, following an earlier high of Euros 13.10.

(The article continues below - Commercial information)