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Vivendi to Cut Paris, New York Staff by Half

October 11, 2002|Bloomberg News, Reuters

MEDIA

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Vivendi Universal plans to slash by a half its corporate staff in Paris and New York in the next year, saving more than $138 million in costs.

Vivendi will cut 152 jobs at its Paris headquarters and 100 jobs from the company's New York office, which is moving from Park Avenue to an less expensive office a few blocks away on 3rd Avenue.

The cuts come as Vivendi Universal is prolonging the auction of its publishing business because bids have been so far below the asking price, prompting speculation over whether the troubled media giant will conclude a deal this year to lessen its debt.

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