Bad news for anyone saving up to buy a major record label. A report in the FT yesterday said Vivendi Universal are no longer looking to sell off their entertainment assets, which include the Universal Music Group. When Vivendi went into financial collapse last year after accusations of false accounting it looked like any bit of the group's operations might be sold off if a suitable buyer could be found. Then Universal's US head of entertainments Barry Diller was said to be scouting round for suitable deals. But latest reports suggest Vivendi have turned their efforts into finding investment partners to help them keep but develop their entertainment concerns. This would mean a commitment to keep control of its music operations for at least two years. The FT reckons this change of direction will be confirmed at a board meeting later this week.
Mar 5, 2003
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1 min read
Universal Music sale off
Vivendi Universal is reportedly no longer selling its entertainment assets, including Universal Music, and is seeking investment partners to keep them.