Science Fair Project Encyclopedia
The company disclosed a corporate loss of 23.3 billion euros in its 2002 annual report: the worst loss to this date for a French company. Its Chairman and CEO, Jean-Marie Messier was ousted among intense media coverage.
Vivendi Universal was created in December of 2000 with the massive merger of the Vivendi media empire with Canal+ television networks and the Canadian company Seagram, the owner of Universal Studios film company.
See the individual companies' articles for pre-merger company history.
The flamboyant company's Chairman and CEO, Jean-Marie Messier (who had overseen the most dramatic phase of Vivendi's diversification) resigned. He was replaced by Jean-Rene Fourtou . The company then began reorganizing to stave off bankruptcy. The company announced its strategy to sell non-strategic assets. Its largest single shareholder was the family of Edgar Bronfman, Jr., who was head of Seagram at the time of the merger.
VU sold its stake in Vizzavi to Vodafone, with the exception of Vizzavi France. It also sold 20.4% of Vivendi Environnement's capital to a group of investors, and its stake in North American satellite operator EchoStar Communications Corporation.
- Corporate loss of 23.3 billion euros: the worst loss for a French company.
- Net debt of 12.3 billion euros
- Vivendi will sell assets for 7 billons euros in 2003
VU also sold its interests in Kencell , Monaco Telecom and Sportfive (which it held through Canal+ Group).
Vivendi Universal cancels the Tribes Vengeance patch. Many fans are outraged.
Current assets (partial list)
- Canal+ Group - 100%
- Universal Music Group - 92%
- Vivendi Universal Games - 99%
- NBC Universal - 20% long-term ownership interest
- SFR Cegetel Group - 56%
- Maroc Telecom - 35%
- Sierra Entertainment
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