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Liberty Media (L) - Get Loews Corporation Report late Monday announced that it was withdrawing from the auction of Vivendi Universal's (V) - Get Visa Inc. Report. U.S. entertainment assets.

"The VUE assets represent a unique collection of high-quality media assets," said Robert Bennett, president and CEO of Liberty Media. "However, the synergy opportunities with our other businesses are not sufficient to support the expected transaction value. We maintain a significant investment in Vivendi and we wish the Vivendi management team much success as they evaluate alternatives for the VUE assets."

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NBC TV network and a group of investors led by Vivendi Vice Chairman Edgar Bronfman Jr. are the two bidders left for Vivendi Universal Entertainment, or VUE, which is on the block for $14 billion.

The assets of VUE include the Universal Pictures movie studio and theme parks and the Sci Fi and USA cable TV channels.