Vivendi Says Cash Crunch Is History
The liquidity crisis is over, Vivendi Universal (V Quote) said Wednesday.
The euro-strapped entertainment conglomerate, which went on a buying spree under former CEO Jean-Marie Messier, on Wednesday announced accelerated plans for selling assets to reduce debt and ease the liquidity crisis that came to a head this past summer.
The biggest item on the block will be all of Vivendi's publishing business, not just the freshly acquired U.S. publishing arm the company has already said it would unload. Meanwhile, Vivendi's new CEO, Jean-Rene Fourtou, said the company's Universal Studios movie business wouldn't be going anywhere soon, and Vivendi probably couldn't find a buyer big enough to acquire its music business even if it wanted to sell it. ...
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