French Environmental Company Jettisons Assets

Lynn Schenkman

Los Angeles –- Paris-based media company Vivendi Universal is selling half of its remaining 40 percent interest in its environmental company to unnamed investors. The sale will raise 2 billion euros ($2.01 billion), but the move may eliminate Vivendi’s environmental interests completely. Vivendi Universal says it plans to expand its entertainment interests while making debt annihilation a top priority. The company also has named Barry Diller co-chairman and CEO of a new management division called Universal Entertainment. Diller’s appointment will allow Vivendi Universal Chairman Jean-Rene Fourtou to focus on selling off assets accumulated under former CEO, Jean-Marie Messier, according to the

Associated Press

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