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Vivendi Universal Company

BUSINESS
February 24, 2004 | From Bloomberg News
Vivendi Universal said allegations by an association of small shareholders that minutes of a board meeting were falsified were "completely groundless" and "libelous." The group, called Appac, has filed a complaint claiming the company's senior management forged documents. "There are no inconsistencies or falsifications in the minutes or extracts of minutes," Vivendi said.
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BUSINESS
February 11, 2004 | From Reuters
The video game arm of Vivendi Universal, redoubling its production efforts under a new management team, said it had signed an exclusive deal with Radical Entertainment that includes the right to buy the privately held firm. Vivendi Universal Games said Radical would develop six multi-platform titles based on new and existing franchises. It will have the right to buy Radical at any time during the deal. Radical most recently developed "The Simpsons: Hit & Run" for VU Games.
BUSINESS
February 6, 2004 | From Bloomberg News
Vivendi Universal, which is selling its Hollywood studios and cable networks to General Electric Co.'s NBC, said fourth-quarter revenue fell 9% to $9.08 billion as music sales declined and the dollar weakened. Revenue at Universal Music Group fell 19% to $2.1 billion. The unit suffered from a 17% decline of the dollar against the euro in 2003 and "difficult music market conditions." Revenue at Vivendi Universal Entertainment declined 4% to $2.2 billion, hurt by the declining dollar.
BUSINESS
January 24, 2004 | Jeff Leeds, Times Staff Writer
Launching a surprising raid on the world's biggest record company, Edgar Bronfman Jr. is close to signing Vivendi Universal rap mogul Lyor Cohen to a top post at the newly constituted Warner Music Group, sources said Friday. The deal -- which is said to include an equity stake in Warner for Cohen -- could be announced as soon as this weekend.
BUSINESS
January 13, 2004 | From Bloomberg News
Vivendi Universal said it had named Rene Penisson, a former executive at French chemicals maker Aventis, chairman of its games unit as it focused on expanding the business "aggressively." The Paris-based media firm also appointed Bruce Hack, the vice chairman of its music business, Universal Music Group, chief executive of Vivendi Universal Games.
BUSINESS
January 1, 2004 | From Bloomberg News
General Electric Co.'s NBC unit said a second request for information by U.S. antitrust regulators about its planned purchase of Vivendi Universal's U.S. entertainment assets was part of a normal review process. NBC was responding to an article in USA Today that said the Federal Trade Commission was concerned that the combined company might boost fees paid by cable operators to license programming.
BUSINESS
December 24, 2003 | Richard Verrier, Times Staff Writer
Vivendi Universal will pay a $50-million fine and former Chief Executive Jean-Marie Messier will relinquish a controversial $25-million severance package to settle charges that they misled investors about the media conglomerate's financial problems. Under a settlement reached with the Securities and Exchange Commission, Messier also will pay a $1-million fine and former Chief Financial Officer Guillaume Hannezo will be required to pay a $120,000 penalty and return $148,000.
BUSINESS
December 23, 2003 | From Associated Press
Vivendi Universal is in talks with the Securities and Exchange Commission in hopes of reaching a last-minute settlement in its 18-month probe into the French entertainment and telecom giant, a source familiar with the discussions said Monday. The SEC, which is investigating possible breaches of accounting law by Vivendi while Jean-Marie Messier was chief executive, obtained a court order on Sept. 24 to freeze Messier's $23-million severance payment for 90 days while it completes the probe.
BUSINESS
December 3, 2003 | From Associated Press
French media and telecommunications company Vivendi Universal swung to a profit in the third quarter but warned that its end-of-year performance would not be as strong. Vivendi reported Tuesday that it earned $157 million for the three months ended Sept. 30, contrasted with a loss of $1.5 billion a year earlier. The return to profitability was because of strong performances by Vivendi's pay-TV unit Canal Plus and its Moroccan telecommunication business, the company said.
BUSINESS
November 12, 2003 | Jeff Leeds
Vivendi Universal would buy DreamWorks SKG's recorded-music division and continue to distribute the entertainment firm's films until 2010 under new pacts announced Tuesday. Vivendi, which would pay an estimated $100 million for DreamWorks Records, plans to place the label under its Universal Music Group. The deal, the outlines of which were reported more than a week ago, signals DreamWorks' abandonment of a costly effort to build a competitive label from scratch.
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