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As part of its deal to buy VUE last October, General Electric's NBC required that those covenants be removed entertainment assets to NBC Diller agreed that IAC would not redeem its interest until the maturity date 4 percent interest in Vivendi Universal Entertainment, a complicated partnership that runs the Universal Studios film company, theme parks, television production company and several cable channels 5 percent interest in the partnership Vivendi, InterActiveCorp Reach Agreement Apr 21, 12:46 PM EST Vivendi Universal has reached an agreement with InterActiveCorp that removes a major obstacle to the sale of the Paris-based company's U Diller's deal also included three covenants that triggered payments to IAC under certain conditions NBC is paying Vivendi $3 Vivendi had sued IAC in March after negotiations over the form of the letters of credit had broken down 9 billion when the shares mature in 2022 IAC, the successor to USA Interactive, retained a 5 7 billion of Vivendi's debt in the deal As part of that deal, IAC retained a preferred interest in VUE with a face value of $750 million that will be worth approximately $1 8 billion in cash and is assuming $1 S NBC Universal will have a leading broadcast network, the Universal movie and television studios, 14 TV stations, an array of cable networks including USA, CNBC and Bravo, and interests in five theme parks Vivendi said Wednesday that it will issue letters of credit to IAC that void certain covenants IAC Chairman Barry Diller had negotiated when he sold his USA Interactive to Vivendi in 2001 The agreement comes one day after the Federal Trade Commission cleared the way for the NBC deal, which will form a new company, NBC Universal Diller retained a 1 Under the terms of a deal announced in October, NBC will own 80 percent of the new company, with Vivendi retaining a 20 percent stake As part of the new agreement, Vivendi said it would stay its legal action until the NBC deal closes and the letters are issued, at which time it will dismiss the lawsuit Under the agreement announced Wednesday, Vivendi will issue letters of credit to IAC to cover its obligations in return for IAC dropping the covenants We have both young and veteran performers and local, national and international stars," Grant said "The induction ceremonies will generate a lot of excitement for our residents and visitors from around the world â€â€?â€â€?â€â€? On the Net: http://www Grant said they were chosen from hundreds of nominations during a June 13 meeting " The inductees represent film, television, radio, live theater and recording Spears, Costner and Berry Getting Stars Jun 20, 5:55 AM EST Britney Spears, Kevin Costner and Halle Berry are getting stars on Hollywood's celebrated Walk of Fame Glenn Close, Anthony Hopkins, John Singleton, Ted Turner, Journey and 17-year-old twins Mary-Kate and Ashley Olsen will also get the sidewalk honor next year "There's a favorite on this list for everybody org/walkoffame/ The new inductees were announced Thursday by Johnny Grant, chairman of the Hollywood Chamber of Commerce hollywoodcoc |
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