Liberty Media Corporation (“Liberty”) (Nasdaq: LMCA, LMCB) announced today that it received a favorable jury verdict in its case against Vivendi Universal S.A., et. al. which was tried in the United States District Court for the Southern District of New York. The jury awarded Liberty damages in the amount of €765 million in connection with a finding of breach of contract and fraud by the defendant. Liberty intends to seek pre-judgment interest on the jury award. Judgment, however, will not be entered until the Court rules on any post-trial briefing. Although Liberty expects the defendants to ask the Court to set aside the verdict during this process, Liberty is confident that the Court will deny that request and that the jury’s decision will stand.
The dispute arose out of a commercial transaction between the parties to the action and the former USA Holdings, Inc. that occurred during 2002.
Liberty was represented by Baker Botts L.L.P. in the action. The defendants were represented by Weil Gotshal & Manges LLP and Cravath Swaine & Moore LLP.
About Liberty Media CorporationLiberty Media (Nasdaq: LMCA, LMCB) owns interests in a broad range of media, communications and entertainment businesses, including its subsidiaries Atlanta National League Baseball Club, Inc. and TruePosition, Inc., its interests in Starz, LLC, SiriusXM, Live Nation Entertainment and Barnes & Noble, and minority equity investments in Time Warner Inc. and Viacom.
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