Vivendi Loses $26 Billion in 2002; Biggest Loss Ever in French History
By KIM HOUSEGO
French media giant Vivendi Universal posted a net loss of 23.3 billion euros ($25.6 billion) in 2002, the largest in French corporate history.
Chairman Jean-Rene Fourtou said Thursday that "2002 has been an extremely difficult year for Vivendi Universal," but that "2003 will be a year of transition and of financial and economic progress."
Vivendi's board met Thursday to discuss the possible sale of the company's vast entertainment empire. The disposal is seen as vital to help Vivendi pay off its multibillion-dollar debt and could turn into one of the largest entertainment auctions in years.
Fourtou said the company had been "approached by several potential partners." But he said any deals would be made public only once they are concluded.
Some of the assets under the spotlight are Vivendi's U.S. television and film businesses, which include the world's biggest music company, Universal Music Group, the Universal film studio and theme parks, as well as the USA and Sci-Fi cable networks.
The France-based conglomerate barely staved off bankruptcy last year as it struggled to cope with billions of debt, a collapsing share price, boardroom infighting and no clear strategy.
Chairman Jean-Marie Messier was ousted in July, and a new team led by Jean-Rene
