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S The terms of the deal were largely unchanged from a preliminary agreement reached a month ago, when the two companies entered exclusive talks about a merger and sketched out broad outlines for a combined company to be called NBC Universal The combination requires regulatory approvals in Washington and Brussels, but is expected to be finalized in the first half of 2004, Vivendi executives said 3 billion â€â€? which will enhance Fourtou's debt-reduction program television assets with the NBC empire S E Vivendi's chairman Jean-Rene Fourtou told reporters in a conference call Wednesday that its U Vivendi, an 86 percent shareholder of the Vivendi Universal Entertainment, is to receive $3 Walt Disney Co For Vivendi, the deal offers an opportunity to trim back debts â€â€? which totaled $13 billion at the end of July â€â€? run up during a buying spree under former chief executive Jean-Marie Messier S In addition, NBC will take on $1 NBC Universal will be led by Bob Wright, vice chairman of GE and chairman and chief executive of NBC, the companies said S owns ABC and News Corp The deal will allow Vivendi to pair up its limited U Universal Music Group, the largest music company, is not part of the deal and will be retained by Vivendi NBC has been the only major network not owned by a larger media conglomerate TV holdings "were too small to be really competitive on the American television scene , which had revenues of $25 billion Fourtou said the merger would allow Vivendi to reduce debt to $5 billion and be a profitable company by the end of 2004 6 billion initially announced in September The new company will include the NBC television network and its cable channels CNBC, MSNBC and Bravo, plus the Spanish-language broadcaster Telemundo, which NBC acquired in 2001 From the Vivendi side, the new company will get the Universal movie and TV studios â€â€? which already make NBC's hit show "Law & Order" â€â€? plus the USA, Sci-Fi and Trio cable channels and several theme parks , which had $41 billion in revenues last year, and Walt Disney Co entertainment assets with GE's television network NBC, creating a media giant with an estimated value of $43 billion -based entertainment empire owns Fox , which owns MTV and CBS The companies' decision to enter exclusive talks last month marked the end of a long-running auction, with at least five other companies showing interest in the U NBC will own 80 percent of the new entity, with the remaining 20 percent controlled by Vivendi 7 billion of Vivendi's debt, slightly above the $1 The newly created company will have about $13 billion in annual revenues, making it a sizable competitor in the media field but still much smaller than industry giants like AOL Time Warner Inc Sign Definitive Agreement Oct 8, 6:14 AM EST Vivendi Universal and General Electric said Wednesday they signed an agreement to merge the French company's U " He said Vivendi Universal had been having trouble negotiating contracts for the channels The deal will give NBC more weight in an industry dominated by companies like AOL Time Warner and Viacom Inc Vivendi, G Other auction items include four Versace tops made for Tilberis with personalized labels, a sketch of Tilberis by designer Karl Lagerfeld, and a full set of Versace china org Some proceeds were earmarked for the Ovarian Cancer Research Fund â€â€?â€â€?â€â€? On the Net: Research fund: http://www Tilberis, who died of ovarian cancer in 1999 at age 51, often hobnobbed with celebrities like Diana through her work as editor of British Vogue and Harper's Bazaar ocrf Diana Letters, Card Go Up for Auction Apr 28, 8:02 AM EST Eight letters and a Christmas card from Princess Diana will go on the auction block this week along with 300 other items from the estate of fashion editor Liz Tilberis The letters were expected to fetch about $32,000 altogether at the auction Wednesday at the Cyr Auction Gallery in this southern Maine town |
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