As Vivendi moves closer to securing control of USA Networks' entertainment
assets, the French company said it will fetch $1.5 billion by selling part of
its stake in DBS service British Sky Broadcasting.
The French media company has assigned Deutsche Bank AG and Goldman Sachs
Group Inc. to sell the stock, which represents 8% of outstanding BSkyB
Deutsche Bank and Goldman will sell 150 million equity certificates, worth
$1.5 billion, that will automatically convert into 150 million ordinary shares
in BSkyB by October 2002.
Vivendi will still own about 24% of BSkyB.