Rupert Murdoch has appointed a new chief executive to his Milan-based satellite broadcasting operation, Stream, as the company completes its acquisition of its main competitor, Telepiu, owned by troubled French entertainment giant Vivendi Universal. The deal has been dragging on for months but the appointment of Tom Mockridge, a newspaper executive in Mr Murdoch's News Corporation empire and a pay TV expert, suggests an agreement is near. The deal has been on the table for some time but Vivendi’s recent financial crisis has made them desperate to sell, meaning Murdoch will try to reduce the acquisition price. Meanwhile the Wall Street Journal Europe has reported that Vivendi Universal will dispose of its computer games subsidiary as part of moves to rescue the company who entered financial meltdown after reports of false accounting earlier this year. Still no word on the future of Universal’s music operations – Polydor, Mercury and Island in the UK.
Aug 7, 2002
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1 min read
Murdoch prepares to acquire Vivendi's Italian TV business
Rupert Murdoch has appointed Tom Mockridge as chief executive of his Italian satellite operation Stream, as it nears completion of its acquisition of rival Telepiu from Vivendi Universal.