The struggling parent company of the Universal Music Group, the French based Vivendi Universal, has revealed a number of the cost cutting measures it is putting in place as bosses attempt to stabilise a company that came close to the brink last summer. Among the measures are a planned sale of the company's large art collection, which includes work from the likes of Mark Rothko and Picasso. Christie's will auction off the art on behalf of the group in what is being dubbed a "high art car boot sale". Other assets up for sale are the company’s £11 million Manhatten penthouse previously used by former CEO Jean-Marie Messier and three corporate planes the company acquired when it bought Seagrams in 2000.
But all the cost cutting measures are simply to back up the serious business of selling off some of the companies within the group. Vivendi have already sold their publishing house Houghton Mifflin, their Italian based pay TV company Telepiu and the technology division of Canal Plus. As previously reported all eyes are now on the group's American based entertainment businesses, including the record company, where sale or flotation routes are being considered.