Media giant posts record loss

Thursday, March 6, 2003 | 9:51 a.m.

PARIS -- French media giant Vivendi Universal posted a net loss of 23.3 billion euros ($25.6 billion) in 2002, the largest in French corporate history.

Chairman Jean-Rene Fourtou said today that "2002 has been an extremely difficult year for Vivendi Universal," but that "2003 will be a year of transition and of financial and economic progress."

Vivendi's board met today to discuss the possible sale of the company's vast entertainment empire. The disposal is seen as vital to help Vivendi pay off its multibillion-dollar debt and could turn into one of the largest entertainment auctions in years.

Fourtou said the company had been "approached by several potential partners." But he said any deals would be made public only once they are concluded.

Some of the assets under the spotlight are Vivendi's U.S. television and film businesses, which include the world's biggest music company, Universal Music Group, the Universal film studio and theme parks, as well as the USA and Sci-Fi cable networks.

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