NEW YORK -- Vivendi Universal's latest regularly scheduled board meeting here Wednesday may have yielded little immediate news, but it kicked off the hot phase of the sales process for the conglomerate's entertainment assets. Over the next two weeks, Vivendi Uni executives will make management presentations to a pool of interested parties in Los Angeles and New York, according to sources. The pool includes oil billionaire Marvin Davis, longtime Vivendi Uni vice chairman Edgar Bronfman Jr., Viacom Inc., John Malone's Liberty Media, General Electric's NBC and MGM. Sources said the management presentations, which will include question-and-answer sessions, will show how many parties are indeed serious about submitting a bid and for which properties. Vivendi Uni still hasn't set an official deadline yet but has indicated it roughly expects to get offers by the end of next month.
- 5/29/2003
- The Hollywood Reporter - Movie News
NEW YORK -- Vivendi Universal this week is kicking into high gear the process to sell its entertainment assets. The conglomerate's board is expected to set a mid-June bidding deadline and company executives will give the first comprehensive presentations to potential bidders in New York and Los Angeles. A Vivendi Uni spokeswoman confirmed that the conglomerate will hold a regularly scheduled board meeting here Wednesday, but she declined to discuss the agenda. Sources close to the situation said the board will hear an update on interest in the entertainment assets and will likely set a deadline for formal bids in mid- to late June. "The process is obviously moving along," Bernstein analyst Drew Borst said, adding that investors want Vivendi Uni to make a sale decision sooner rather than later. Longtime Vivendi Uni vice chairman Edgar Bronfman Jr. last week joined the bidding fray with the support of cable operator Cablevision Systems and potentially private equity and other investment groups. According to Wall Street sources, Viacom Inc., NBC, John Malone's Liberty Media and oil billionaire Marvin Davis are also still in the running with MGM's readiness to submit a bid questioned by many because of its weaker financial position.
- 5/27/2003
- The Hollywood Reporter - Movie News
Vivendi Universal vice chairman Edgar Bronfman Jr. is leading a consortium to buy the company's U.S. entertainment assets, Vivendi Uni confirmed Wednesday. Vivendi Uni also said Wednesday that it has reached an agreement with both Bronfman and his father Edgar Bronfman Sr. that will suspend their activities on the company's board of directors, clearing the way for sale negotiations. Neither of the Bronfmans was present at Vivendi Uni's May 19 board meeting, during which members discussed the sale of the U.S. entertainment assets. Edgar Bronfman Jr. and New York cable operator Cablevision have formed a consortium for the buyout that includes Wachovia Bank and Wachovia Securities along with Merrill Lynch. The sale price for the U.S. entertainment assets could reach well over $20 billion as Bronfman's group goes up against a bevy of potential Vivendi Uni bidders including Texas oilman Marvin Davis, Liberty Media chairman John Malone, General Electric and Viacom.
- 5/21/2003
- The Hollywood Reporter - Movie News
Vivendi Universal's U.S. film and TV assets have no place in the conglomerate, chairman and CEO Jean-Rene Fourtou said here Tuesday at Vivendi Uni's annual shareholder meeting. He was detailing management's latest thinking about asset sales that are necessary to cut the firm's high debt load. During a sometimes heated presentation to shareholders, who have in recent months been confused about where the CEO would lead the company, Fourtou outlined his vision of Vivendi Uni at the end of 2004. The cash-generating French telecoms division Cegetel and mobile operator SFR are there, as is Gallic pay TV unit Canal Plus. Universal Music Group is "probably" also still part of the conglomerate at that point, either as a wholly owned division or through a partnership deal. But Vivendi Universal Entertainment will by then be out of the picture after providing liquidity through its sale. "We are currently in negotiations with several parties to cede all or part of VUE for cash or cash and shares," Fourtou said. He would not go into detail on who talks are with, but sources said John Malone's Liberty Media, Barry Diller and his USA Interactive, Viacom Inc., NBC and MGM are all mulling bids for parts or all of VUE. While these players are in various stages of talks and negotiations, oil billionaire Marvin Davis is the only player that has submitted a bid. He also is the only one who has expressed an interest in VUE as well as UMG and Vivendi Uni's video games unit. But sources said Tuesday that Vivendi Uni has in recent weeks put Davis' $20 billion offer on the back burner as it tries to field additional bids for VUE.
- 4/30/2003
- The Hollywood Reporter - Movie News
Sources close to the negotiations at Vivendi Universal have confirmed that private equity firm the Carlyle Group has joined Marvin Davis and Brian Mulligan in their $20 billion bid for the Paris-based company's entertainment assets. On Friday, sources close to the situation said they believe that Carlyle -- a highly regarded equity firm with offices in New York and Paris among other locations -- will add to the strength of the Davis bid, especially as Vivendi executives head into their board meeting Thursday. The news that Carlyle has entered the negotiations may also quell recent speculation that Davis and company would not be able to raise the necessary funds to purchase the complete entertainment assets. But sources close to the deal say that the nearly $20 billion price tag has not changed due to the new equity partner. Calls to Carlyle were not returned by press time.
Drew Barrymore is getting over her second divorce by dating a billionaire toyboy. Drew, who split from Tom Green recently after just five months of marriage, has found new love with Hollywood heir Brandon Davis. Drew told a girlfriend, "After things with Tom didn't work out the last thing I expected was to meet another Mr Right. But just when I was about to give up on love, I met Brandon. I'm happy again." Davis's grandfather is oil man and film mogul Marvin Davis, who is worth around $4.2 billion.
- 3/18/2002
- WENN
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