VU Stock Up On GE News
Wall Street greeted yesterday's news that Vivendi Universal is in exclusive talks to merge its entertainment assets with General Electric's NBC network by driving up VU stock by 8.11%. An agreement is expected by the end of the month. The deal--which follows a protracted auction for the VU assets--does
not include Universal Music Group.
VU shares closed yesterday up $1.37 at $18.27.
The merged company will be 80%-owned by GE, and 20% by VU. It is expected to have 2003 pro-forma revenues of $13 billion and annual earnings before interest, taxes, depreciation and amortization of $3 billion.
VU shareholders will receive $3.8 billion in cash and stock from GE. The deal will reduce VU's debt load by $1.6 billion.
The companies are looking at strategic synergies such as the promotion of VU releases via NBC's cable and broadcast networks and sales of Universal content on ShopNBC.
VU shares closed yesterday up $1.37 at $18.27.
The merged company will be 80%-owned by GE, and 20% by VU. It is expected to have 2003 pro-forma revenues of $13 billion and annual earnings before interest, taxes, depreciation and amortization of $3 billion.
VU shareholders will receive $3.8 billion in cash and stock from GE. The deal will reduce VU's debt load by $1.6 billion.
The companies are looking at strategic synergies such as the promotion of VU releases via NBC's cable and broadcast networks and sales of Universal content on ShopNBC.
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