Vivendi Revenue Falls 26% on Media Asset Sale
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Vivendi Universal, owner of the world’s largest music company, said fourth-quarter sales dropped 26% as the company sold its U.S. media assets and revenue declined at the Canal Plus pay-TV unit.
Sales fell to 5.33 billion euros ($6.94 billion) from 7.22 billion euros a year earlier, Paris-based Vivendi said, in line with analysts’ estimates. Excluding the effect of divestments, sales rose 4.7%.
Vivendi sold its U.S. media assets to General Electric Co. last year to form NBC Universal as part of a plan by Chief Executive Jean-Rene Fourtou to restore the company’s finances after he replaced Jean-Marie Messier.
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