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Vivendi Universal Reaches Agreement With InterActiveCorp on Sale

Authored by Mark Hefflinger on April 22, 2004 - 3:45am.
Paris -- Paris-based Vivendi Universal said it has reached an agreement with New York-based InterActiveCorp that removes a major obstacle to the sale of its U.S. entertainment assets to NBC. In a complicated partnership arrangement, InterActiveCorp owns a 5.4% stake in Vivendi Universal Entertainment and has various control mechanisms over strategic decisions of the U.S. entertainment assets. Vivendi said on Wednesday that it will issue letters of credit to InterActiveCorp that would allow the transaction to go through. Earlier this week, the U.S. Federal Trade Commission also gave its approval to the transaction.
tags: Vivendi Universal | Deal | nterActiveCorp |