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Some of the biggest titans of the U ," Vivendi Chairman Jean-Rene Fourtou said in a statement Lee Partners, a private equity fund, and Cablevision Systems Corp Vivendi said the company that would be formed if a final deal is reached would be 80 percent owned by Fairfield, Conn The decision to go with GE followed months of negotiations and efforts by Vivendi to find a partner for its glamorous entertainment assets After a board meeting in Paris last week, Vivendi said an eventual agreement with either NBC or the Bronfman group would leave the French company with a "substantial" stake in a U The new company, if formed, would be a major media player, with the NBC television network, cable networks like MSNBC and CNBC and movie-maker Universal Pictures â€â€? which produced such recent movies as "Seabiscuit" and "The Hulk S 1 percent to close at ?16 , a cable TV company in New York that owns AMC, the Independent Film Channel and WE: Women's Entertainment channels S 8 billion in cash and stock, and would reduce its debt by $1 "I think we are in front of a very good deal," Vivendi board member Fernando Falco y Fernadez de Cordova said after emerging from a closed door meeting where the board weighed GE's bid against another from a group led by investor Edgar J 06) per share in Paris trading Tuesday agreed Tuesday to enter exclusive negotiations to merge Vivendi's U Vivendi said the combined media and entertainment business would be headed by Bob Wright, longtime leader of NBC and vice chairman of GE Vivendi Universal shares rose 4 and Metro-Goldwyn-Mayer Inc media world expressed interest in Vivendi's entertainment arm during the monthslong bidding process, including cable TV mogul John Malone of Liberty Media Corp -based GE and 20 percent by Vivendi "We have developed a plan to create an exceptional media company, which would rank among the most profitable in the U entertainment assets and GE's NBC division, the French media and utilities conglomerate said media group Vivendi has been hoping to fetch $14 billion for the Universal assets to pay down huge debts run up during a buyout spree under former chief executive Jean-Marie Messier Both MGM and Malone said they were dropping out of the bidding process because they felt the price was too high Wright said the new firm would be "superbly positioned to generate substantial growth both now and in the long term Bronfman, who once controlled the Universal properties as chief executive of Seagram Co The Bronfman-led group includes Thomas H It would have revenues of $13 billion in 2003, Vivendi said in a statement S S 6 billion as part of the transaction, Vivendi's statement said Bronfman Jr " Once the deal is closed, the shareholders of Vivendi Universal would receive $3 93 in afternoon trading on the New York Stock Exchange 60 ($18 , spent the weekend in a last-ditch lobbying effort to salvage his bid, a source familiar with the matter told The Associated Press Vivendi, GE Discuss Entertainment Merger Sep 2, 3:44 PM EST Vivendi Universal SA and General Electric Co Viacom had expressed interest only in the cable channels, and was effectively left out of the final round of bidding when Vivendi said it would continue talks only with NBC and Bronfman's group It also said it would explore a public offering for the entertainment assets " Other components of the new firm would include the Universal television studios, which make NBC's "Law and Order" and "Jerry Springer," several theme parks and Universal's three cable channels, USA, Sci-Fi and Trio , CBS and MTV parent Viacom Inc GE shares were up 36 cents at $29 Thomson Media had revenue of about $170 million in 2003 Thomson Tries to Sell Business Magazines Jun 7, 8:59 AM EST Thomson Corp , Chicago, Georgia, San Francisco and Wisconsin 11, 2001, as the terrorist attacks on New York and Washington exacerbated an already tough environment for both advertising and mergers, prompting Thomson to nix the divestiture plan C Since the late 1990s, Thomson has been transforming itself from a print publisher into a leader in electronic data, with businesses such as Thomson First Call, which provides earnings estimates and broker research "We expect interest from a variety of buyers, strategic as well as financial," he said The unit employs roughly 1,000 people and has offices in New York, Boston, Connecticut, Washington D Malkin, a 15-year Thomson veteran brought in to spruce up the unit after the initial auction plan fell through, declined to say how much Thomson expects the sale to garner With demand for advertising recovering and small media mergers and acquisitions seeing an uptick, Thomson has again retained investment bank Morgan Stanley to seek potential buyers for the unit, which is called Thomson Media Hopes of fetching an attractive price were dashed after Sept "We've had very good results this year and the market has turned," Jim Malkin, chief executive of Thomson Media, said in an interview is putting a collection of 54 business publications, including American Banker and Investment Dealers' Digest, up for sale, as it continues to transform itself from a print publisher to an electronic information provider Thomson Media's publications, which are primarily print-based, don't offer synergies that would strengthen its parent's core electronic businesses, Malkin said A person with knowledge of the industry said the magazines could sell for more than $200 million , had previously put the magazines on the block in February 2001 The company, which is based in Toronto but keeps its operational headquarters in Stamford, Conn Among the titles for sale, in addition to American Banker and Investment Dealers' Digest, are The Bond Buyer, National Mortgage News, Financial Planning, Accounting Today, DM Review, Accounting Technology, and Practical Accountant The sale is expected to close later this year |
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