As expected, Vivendi Universal’s board of directors made no decision on the
auction of the company’s U.S. media properties, agreeing only to negotiate
further with the two remaining suitors, General Electric and an investor group
led by Edgar Bronfman Jr.
The Bronfman group is offering $8 billion in cash, the assumption of $2.2
billion in debt plus an unspecified equity stake in a venture that would include
cable networks contributed by Cablevision Systems.
GE isn’t offering any cash, but a merger with its NBC unit that would assume
VUE’s debt and give Vivendi GE stock and a continuing equity stake in the
Vivendi could "monetize" the GE stock for cash if it wanted.
Industry executives said it could take Vivendi another month to finalize a