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entertainment assets with GE's television network NBC, creating a media giant with an estimated value of $43 billion Vivendi's chairman Jean-Rene Fourtou told reporters in a conference call Wednesday that its U 7 billion of Vivendi's debt, slightly above the $1 S S Universal Music Group, the largest music company, is not part of the deal and will be retained by Vivendi The deal will give NBC more weight in an industry dominated by companies like AOL Time Warner and Viacom Inc The combination requires regulatory approvals in Washington and Brussels, but is expected to be finalized in the first half of 2004, Vivendi executives said " He said Vivendi Universal had been having trouble negotiating contracts for the channels The new company will include the NBC television network and its cable channels CNBC, MSNBC and Bravo and Spanish-language broadcaster Telemundo S owns ABC and News Corp NBC and Universal Studios to Merge Oct 8, 6:31 AM EST Vivendi Universal and General Electric Co Fourtou said the merger would allow Vivendi to reduce debt to $5 billion and be a profitable company by the end of 2004 television assets with the NBC empire 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 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 TV holdings "were too small to be really competitive on the American television scene Vivendi, an 86 percent shareholder of the Vivendi Universal Entertainment, will get $3 S owns Fox NBC Universal will be led by Bob Wright, vice chairman of GE and chairman and chief executive of NBC, the companies said The terms of the deal announced Wednesday 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 , which owns MTV and CBS Walt Disney Co In addition, NBC will take on $1 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 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 -based entertainment empire 8 billion in cash as part of the deal The deal will allow Vivendi to pair up its limited U 6 billion initially announced in September have agreed to merge the French company's Hollywood studio and other U NBC is paying $3 , which had revenues of $25 billion NBC has been the only major network not owned by a larger media conglomerate 3 billion of that cash â€â€? which will enhance Fourtou's debt-reduction program "They just kind of snuck him in through the kitchen," Souza said They had a great time partly because we make sure everybody respects their privacy," Estee said "There was sort of a buzz in the whole room but I was clueless until he got up on stage," Comey said "Everyone totally went nuts," Souza said Tuesday It was a blast," he said " "It was awesome," said David LaPlante, 34, Reno, who took in the scene with his wife, Jessica McCartney and his wife, Heather Mills, called ahead earlier in the day to Moody's co-owners Mark Estee, the chef, and J "I'm going to Tahoe City, going to get me some skiing," he sang as the patrons joined in for the refrain "Unfortunately, you have an unscheduled guest here at Moody's," the former Beatle said when he took the stage with a jazz trio late Monday night "It was definitely a feel-good time by everybody and he's sitting 15 feet away from you in a restaurant in Truckee," he said Morgan, the general manager J McCartney, 61, made a similar appearance last February at Moody's Bistro and Lounge in the old Truckee Hotel built in the 1870s for about 15 minutes " He said Monday night that it was becoming his "annual residency "I think the guy has a future in show business "They were probably there two hours I think he seemed like he had fun," said Souza, who played a jazz rendition of "Yesterday" for the couple McCartney Gives Surprise Show in Tahoe Mar 30, 11:32 PM EST Paul McCartney capped a ski vacation at Lake Tahoe with an impromptu performance at the same Sierra Nevada restaurant where he entertained surprised diners last year The couple had been skiing at Tahoe resorts for about a week and attended the Prince concert Saturday night at the University of Nevada, Reno, about 30 miles from Truckee Last year, he improvised a tune he called the "Truckee Blues "It was an unbelievable repeat performance About 70 people crowded around as McCartney sang the jazz standard "Don't Get Around Much Anymore" with the George Souza Trio He was very gracious," Souza said m Adam Comey of Salt Lake City was in town for a ski competition his sports production company is producing at the nearby Kirkwood Ski Resort "I'm a little young to be a die-hard fan, but he's Paul McCartney, a living legend They ate dinner at a corner table next to the band before McCartney joined the trio on stage shortly after 9:30 p " Then, he asked the band to play the blues rocker "Kansas City" and he altered the lyrics into a tribute to "Tahoe City" â€â€? a neighboring lakefront town "It's something you could never expect in your lifetime, to go to a small restaurant in Truckee, California and see Paul McCartney sing a couple of creative tunes |
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