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83 billion ($2 07 billion ($1 Vivendi's U The company said Thursday its net debt had been reduced to an estimated ?13 06 billion) 71 billion) from a year ago 93 billion) all-cash offer for the U Vivendi Reports Sharp Revenue Decline Jul 31, 2:30 PM EST Vivendi Universal reported Thursday its revenue fell sharply in the second quarter even as the French media giant tries to sell its U businesses to trim massive debts wracked up during a spending spree under his predecessor, Jean-Marie Messier Vivendi only reports quarterly revenue figures The company blamed the drop on "fewer major international releases" and "continued weakness in the global music market", notably in the United States Vivendi has vowed to return to profitability this year Revenue declined 23 percent to ?1 Universal Music Group, meanwhile, continued to suffer from an enduring slump in the global music market 25 Vivendi attributed much of the fall to its asset disposal program and the weakness of the dollar It reiterated Thursday its forecast of a 39 percent increase in operating profit for the year as a whole television production business performed poorly, while Vivendi Universal Music, the world's largest music group, continued to lose market share amid a global industry slump First half earnings will be released on Sept The disappointing figures came a day after Metro-Goldwyn-Mayer Inc 13 billion ($6 5 billion ($12 S S Fourtou wants to sell the U 89 billion) from a year ago, the company said in a statement Despite the bad news in the entertainment divisions, Vivendi's French telecoms arm, SFR-Cegetel, posted a 6 percent revenue increase to ?1 S S 6 billion ($15 entertainment division fell 15 percent to ?1 S withdrew a $11 1 billion in July 2002 Analysts said the revenue decline may force Vivendi chairman Jean-Rene Fourtou to accept a lower price for the entertainment assets, which include Universal Studios, cable channels such as the USA Network and the Sci-Fi Network, as well as Universal's theme parks and television production business 2 billion) Revenue tumbled 60 percent to ?6 52 billion ($1 entertainment assets 27 billion) from ?35 Revenue at the U entertainment assets, calling the asking price too steep Vikan is director of Baltimore's Walters Art Museum Mary's, Md " Lanier criticized "the administration's total lack of sensitivity and forethought regarding the Iraq invasion and the loss of cultural treasures Noting that American scholars had told the State Department about the location of Iraqi museums and historic sites in Iraq, he said the president "is burdened by a compelling moral obligation to plan for and try to prevent indiscriminate looting and destruction S Bush Art Advisers Quit Over Iraq Looting Apr 17, 6:15 PM EST Three members of the White House Cultural Property Advisory Committee have resigned to protest the looting of Baghdad's National Museum of Antiquities and Eastern Europe " Vikan said in a separate interview that he saw "a failure on the part of the United States to interdict what is now an open floodgate " "It is unfortunate that there was looting and damage done," she said President Bush in January appointed nine new members to the commission and they are undergoing background checks Lanier is director of a New York foundation, the Trust for Mutual Understanding, that deals with relations between the U Looters made off with statues, golden bowls, manuscripts and other treasures in the museum's collection chronicling ancient Mesopotamia, considered the cradle of civilization and modern home to Iraq " White House spokeswoman Claire Buchan said the United States "in liberating Iraq worked very hard to protect infrastructure in Iraq and to preserve the valued resources of Iraq for the people of Iraq S Martin E "The tragedy was not prevented, due to our nation's inaction," Sullivan, the committee's chairman, wrote in his letter of resignation Sullivan heads a historic commission in St military's failure to protect Iraq's historical artifacts Lanier and Gary Vikan, each appointed by former President Clinton, said they were disappointed by the U Sullivan, Richard S |
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