Word: vivendi
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...George Mitchell, who helped forge Northern Ireland's Good Friday agreement, to co-chair the corporate governance committee. Better Luck For The Irish Allied Irish will sell Allfirst, the troubled subsidiary where the company uncovered a $691 million fraud in February, to U.S. bank M&T for $3.1 billion. Vivendi's Dash For Cash The Vivendi fire sale began in earnest, as the group sold its Italian pay TV arm Telepiú; to News Corp. for €1 billion. The company confirmed it would also sell its publishing, PC games and overseas telecom units. Gassing Up Indonesia...
Even Jean-René Fourtou, Vivendi's new CEO, seems puzzled. "We can continue to build an international media and communications company," he wrote to investors last week, but "with what strategy?" There may be order behind his confusion - Vivendi's last CEO, Jean-Marie Messier, was criticized for depressing the price of assets he planned to sell by broadcasting his intentions. As Fourtou sells j10 billion in assets to service Vivendi's debt, that's not a mistake he can repeat. Yet he must also be genuinely perplexed by his options. "My sense is that they would like...
...says he isn't going anywhere and sees Disney as poised for a spectacular turnaround that an improving economy and movie hits such as "Signs" can deliver. He has noted that, as poorly as Disney is doing, the results and upheaval are even worse at competitors such as Vivendi Universal, Bertelsmann and AOL Time Warner (which publishes Time). Says Disney president Robert Iger: "We don't have any accounting issues to deal with. We are a healthy company and we have a global brand that is considered one of the most valuable in the world." Underscoring his point, Eisner...
...first to come to grief over his Anglo-Saxon ambitions was Jean-Marie Messier, a Frenchman equally at home in New York as in Paris. Messier was forced out as chief executive of entertainment giant Vivendi Universal last month because he ran up huge debts in a spree of expensive media acquisitions, among other sins...
...their smaller cars. The venture could turn out 1 million engines annually. Spanking The Banks U.S. Senate investigators testified that Citicorp, the top U.S. bank, and J.P. Morgan Chase helped Enron hide more than $8.5 billion in debt. Canal Plus (Or Minus) In his first move to reduce Vivendi's ?19 billion debt, new CEO Jean-René Fourtou will separate Canal Plus into a new company and sell the rest of its pay-TV unit. INDICATORS A Family Affair Think your family reunions are stressful? John Rigas, founder of Adelphia Communications, was arrested in New York City with...