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05-19-2003, 01:58 PM
Vivendi hires Goldmans for VUE sale - source
Monday May 19, 2:00 PM EDT
LONDON, May 19 (Reuters) - Vivendi Universal (EAUG) is hiring Goldman Sachs to help advise the media group on bids for its U.S. entertainment business, which is currently up for sale, a source familiar with the situation said on Monday.
The source said Vivendi's current adviser Citigroup Inc. (C) would continue to lead the sale, but Goldman Sachs (GS) was being brought on board to help field offers for the assets, which include Universal Studios and cable TV's USA Network.
Vivendi declined to comment. Goldman Sachs was not immediately available to comment.
Vivendi chief Jean Rene Fourtou announced plans last month to sell Vivendi Universal Entertainment (VUE) as part of a move to focus on the group's telecoms business and cut huge debts that brought the company close to collapse last year.
Vivendi has said it has held talks with both oil billionaire Marvin Davis and U.S. media group Viacom (VIAb) over the U.S. assets. John Malone, chairman of Liberty Media Corp (L), told his investors last week he was also interested in the business.
Rumoured potential bidders have also included General Electric Co's (GE) NBC, Metro-Goldwyn-Mayer Inc (MGM) and the former head of Vivendi's U.S. business Barry Diller.
The company's exit from the U.S. entertainment business marks a dramatic reversal of the strategy pursued by former chief Jean-Marie Messier, who transformed a water company into an entertainment giant to rival AOL Time Warner (AOL).
Monday May 19, 2:00 PM EDT
LONDON, May 19 (Reuters) - Vivendi Universal (EAUG) is hiring Goldman Sachs to help advise the media group on bids for its U.S. entertainment business, which is currently up for sale, a source familiar with the situation said on Monday.
The source said Vivendi's current adviser Citigroup Inc. (C) would continue to lead the sale, but Goldman Sachs (GS) was being brought on board to help field offers for the assets, which include Universal Studios and cable TV's USA Network.
Vivendi declined to comment. Goldman Sachs was not immediately available to comment.
Vivendi chief Jean Rene Fourtou announced plans last month to sell Vivendi Universal Entertainment (VUE) as part of a move to focus on the group's telecoms business and cut huge debts that brought the company close to collapse last year.
Vivendi has said it has held talks with both oil billionaire Marvin Davis and U.S. media group Viacom (VIAb) over the U.S. assets. John Malone, chairman of Liberty Media Corp (L), told his investors last week he was also interested in the business.
Rumoured potential bidders have also included General Electric Co's (GE) NBC, Metro-Goldwyn-Mayer Inc (MGM) and the former head of Vivendi's U.S. business Barry Diller.
The company's exit from the U.S. entertainment business marks a dramatic reversal of the strategy pursued by former chief Jean-Marie Messier, who transformed a water company into an entertainment giant to rival AOL Time Warner (AOL).