AyuRocks
06-20-2003, 01:23 PM
Vivendi Expects VUE Sale by End of July -Source
By Bob Tourtellotte
LOS ANGELES (Reuters) - Vivendi Universal hopes to pick a winning bidder for its U.S. entertainment assets by the end of July, but will continue the auction as long as it takes to get the price it wants, a source close to the bidding said on Friday.
Vivendi will take at least one week to judge bids, which are due on Monday.
Six groups are vying for Vivendi Universal Entertainment, which consists of the Universal Studios movie studio, television operations and theme parks. The source said Paris-based Vivendi would narrow the list after a board meeting in early July.
"If this goes as we would like, it (the sale) may be by the end of July, but maybe not," the source said. "We are in no hurry."
The source added, however, that Vivendi wants to conclude the sale as quickly as possible because the managers and employees at Vivendi Universal Entertainment, or VUE, are anxious to know who their new owner will be.
The six bidders for VUE include separate investor groups led by former Seagram Co. Ltd chief Edgar Bronfman and Jr. and Los Angeles billionaire Marvin Davis. Liberty Media Corp also is bidding.
General Electric Co's NBC television network, Metro-Goldwyn-Mayer Inc and Viacom are said to be in the mix, too.
The source would not confirm the list of bidders, but did say he did not expect any new participants to enter into the auction, which essentially began in November when the Davis group made a $15 billion bid.
For now, Vivendi's music division, Universal Music Group, will not be part of the sale, even though at least two of the parties -- the Bronfman and Davis groups -- are said to want the world's No. 1 music company.
"Music is not for sale," this source said, adding that Vivendi believes the music industry is poised to emerge from its current slump.
The source also said the video game unit, Vivendi Universal Games, is not part of the initial round of VUE bidding.
USA Interactive chief Barry Diller, the former chairman of VUE, would have no say in the bidding process as long as Vivendi sells the unit in its entirety, the source said. He said Diller and USA, which is being renamed InterActiveCorp, have "tag-along" rights in any sale, allowing them to sell their roughly 6 percent stake in VUE to the acquirer or partner up with that new buyer.
http://story.news.yahoo.com/news?tmpl=story&u=/nm/20030620/media_nm/media_vivendi_vue_dc_1
Ashley
By Bob Tourtellotte
LOS ANGELES (Reuters) - Vivendi Universal hopes to pick a winning bidder for its U.S. entertainment assets by the end of July, but will continue the auction as long as it takes to get the price it wants, a source close to the bidding said on Friday.
Vivendi will take at least one week to judge bids, which are due on Monday.
Six groups are vying for Vivendi Universal Entertainment, which consists of the Universal Studios movie studio, television operations and theme parks. The source said Paris-based Vivendi would narrow the list after a board meeting in early July.
"If this goes as we would like, it (the sale) may be by the end of July, but maybe not," the source said. "We are in no hurry."
The source added, however, that Vivendi wants to conclude the sale as quickly as possible because the managers and employees at Vivendi Universal Entertainment, or VUE, are anxious to know who their new owner will be.
The six bidders for VUE include separate investor groups led by former Seagram Co. Ltd chief Edgar Bronfman and Jr. and Los Angeles billionaire Marvin Davis. Liberty Media Corp also is bidding.
General Electric Co's NBC television network, Metro-Goldwyn-Mayer Inc and Viacom are said to be in the mix, too.
The source would not confirm the list of bidders, but did say he did not expect any new participants to enter into the auction, which essentially began in November when the Davis group made a $15 billion bid.
For now, Vivendi's music division, Universal Music Group, will not be part of the sale, even though at least two of the parties -- the Bronfman and Davis groups -- are said to want the world's No. 1 music company.
"Music is not for sale," this source said, adding that Vivendi believes the music industry is poised to emerge from its current slump.
The source also said the video game unit, Vivendi Universal Games, is not part of the initial round of VUE bidding.
USA Interactive chief Barry Diller, the former chairman of VUE, would have no say in the bidding process as long as Vivendi sells the unit in its entirety, the source said. He said Diller and USA, which is being renamed InterActiveCorp, have "tag-along" rights in any sale, allowing them to sell their roughly 6 percent stake in VUE to the acquirer or partner up with that new buyer.
http://story.news.yahoo.com/news?tmpl=story&u=/nm/20030620/media_nm/media_vivendi_vue_dc_1
Ashley