Vivendi Universal Sells Stake in BSkyB
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Vivendi Universal sold its remaining stake of 14% in British Sky Broadcasting Group in a deal worth $2.5billion.
A source close to the sale said that the deal to sell the stake in BSkyB was designed to alleviate the pressure on Vivendi credit rating.
“It’s clear Vivendi has chosen now to sell the stake because they received a credit downgrade recently,” the source said.
Rating firms Standard & Poor’s and Moody’s said they believed the move was positive but would not have any immediate effect on Vivendi’s credit ratings.
A Vivendi spokesman denied a newspaper report that said it had a cash crunch.
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