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Cloud Call Center Community Featured Article

TMCNet: Vivendi executive says decision over sale of NBC Universal stake is 'complex'

[November 21, 2009]

Vivendi executive says decision over sale of NBC Universal stake is 'complex'

(Canadian Press DataFile Via Acquire Media NewsEdge) PARIS _ Media and entertainment conglomerate Vivendi SA is nearing a decision on whether to sell its stake in NBC Universal and clear the way for the creation of one of the most powerful media companies in the world.


The French company's finance chief told an investors conference in Barcelona that Vivendi's board still has three weeks to decide whether to sell its 20 per cent stake in NBC Universal. That is a necessary step before the unit's other shareholder _ General Electric Co. _ can move forward with a plan to sell a majority stake to U.S. cable TV operator Comcast Corp.

Comcast's acquisition of NBC Universal would transform the largest cable TV operator in the United States into one of the most prominent owners of TV shows, movies and other programming. A deal had been expected as early as this week, but talks between GE and Vivendi were taking longer and could stretch into December.

``We're not there yet. I read the papers like all of you so I learn about all the negotiations with GE that way. Apparently they're close to a deal with Comcast, which means that they would need to be close to a deal with us,'' Vivendi Chief Financial Officer Philippe Capron said Thursday, according to a recording of his comments.

NBC Universal spans the NBC and Telemundo broadcast networks; cable channels such as Bravo and CNBC; the Universal Pictures movie studio and Universal theme parks. The cable networks have been among the strongest performers. Meanwhile the NBC network is fourth in the ratings, Universal Pictures has had inconsistent box office results, and the recession has lowered attendance at Universal theme parks.

Vivendi CEO Jean-Bernard Levy has called the stake ``non-core.'' Capron said Vivendi had no interested in being part of a new Comcast-controlled NBC Universal, but he said the decision on whether to exit the company is ``a bit more complex'' this year.

Vivendi has an annual option to dispose of its stake in NBC Universal. This year's window runs from Nov. 15 to Dec. 10. GE has right of first refusal and is expected to buy that stake.

However, if Vivendi does not agree on a price with GE, Vivendi can sell its share of NBC Universal to other investors through an initial public offering, a move that could derail the GE-Comcast deal.

``This year's a bit different because this decision that we have to take in the next three weeks is in conflict with the GE-Comcast deal,'' Capron said.

The executive underlined that Vivendi could still decide to sit tight and hold onto its stake another year. ``We're not forced to do anything. We can also just say no,'' Capron said.

Still, Vivendi would be hard-pressed to pass up this opportunity to unload NBC Universal, with an eager suitor in the wings. Vivendi could use the money after taking a controlling stake in Brazilian telecommunications operator GVT SA last week for euro 2.8 billion ($4.2 billion).

If Vivendi plays hardball and pressures GE into paying more for NBC Universal, GE likely will have to eat the additional cost because the deal with Comcast is set, according to a person familiar with the talks but is not authorized to speak publicly about private negotiations.

Comcast, on the hook for around $5 billion to $7 billion in cash for NBC Universal, already faces disapproval from shareholders who would rather see the company spend the money on dividends and share buybacks than a major acquisition.

GE, which is based in Fairfield, Conn., could use the cash to prop up its financing unit, GE Capital, which posted big losses from real estate and other industries during the financial meltdown.

If Vivendi does sell to GE, the company was expected to then sell 51 per cent of the entire NBC Universal unit to Comcast. GE would get the right to divest its entire stake to Comcast in subsequent years.

Comcast, which is based in Philadelphia, would contribute about $15 billion for the stake _ the cash contribution and cable networks such as E! and Style _ to an NBC Universal joint venture with GE. The new NBC Universal would carry $8 billion to $10 billion of debt and operate under Comcast as its majority owner.

CEO Jeff Zucker would report to Comcast's chief operating officer, Steve Burke, a former president of ABC Broadcasting at Walt Disney Co.

Yao reported from Philadelphia.

(c) 2009 The Canadian Press

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