Billionaire interested in Universal empire

Thursday, Nov. 21, 2002 | 11:14 a.m.

PARIS -- Vivendi Universal SA's stock got a lift today from a reported bid for the company's U.S. entertainment assets and expectations the company will find buyers for its stake in the utilities business Vivendi Environnement.

The Wall Street Journal reported that billionaire oilman Marvin Davis had approached Vivendi about buying all or part of its U.S. entertainment assets.

The Journal report said Davis is gathering a group of investors to bid $15 billion, plus $5 billion in debt, for Vivendi's U.S. entertainment assets, which include Universal Studios, Universal Music and Vivendi's interests in cable networks and the Universal Studios theme parks.

Vivendi chairman Jean-Rene Fourtou, who is paring down the vast conglomerate to trim its debt, plans to sell off about $16 billion in assets by the end of 2004.

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