Broadcast News

Bookmark and Share
26/06/2002

Under-pressure Vivendi chief survives crunch meeting

Vivendi Universal's controversial chief executive Jean-Marie Messier has defied the rumour mill and maintained his position following a showdown board meeting on Tuesday.
It has been a difficult week for the Vivendi boss as he clings on to his post in spite of losing a key ally on the board – Bernard Arnault. Mr Arnault's resignation, only hours before the board came together, heaped more pressure on Messier as he was the second high-profile board member to part company with Vivendi in two weeks after Adecco's former chairman Philippe Foriel-Destezet resigned. That brings to five the number of board members to leave since the start of the year.
The meeting in Paris on Tuesday followed a calamitous day for the company on the stock market on Monday, which saw 23% shaved off the share price. However, 24 hours later Vivendi shares rallied to recoup 7% of that loss.
The flux in share price was precipitated by the company's announcement last week to release its holdings in water utility unit Vivendi Environmental to raise funds to slash debts with creditor Deutsche Bank. The move, which gained Vivendi around €1.7 billion, was interpreted by many as evidence of cash flow problems.
A statement issued today sought to reassure edgy investors about the company's liquidity.
"Owing to its strong free cash flow combined with the execution of the disposals programme and potential bond issues, Vivendi Universal is confident of its capacity to meet its anticipated obligations over the next 12 months," the company said.
In order to further assuage disillusioned investors, the company has announced that it will open its books to the public twice a month so as to "put a halt to continuous and negative rumours surrounding the group and to give investors the best possible understanding of its financial situation".
It is clear that Messier, not one to tread softly, will have to balance the competing demands of board members, creditors, shareholders and the media with the difficult decisions that lie ahead if the company is to maintain its market position.
Vivendi Universal, www.vivendi.com
(GMcG)
Solidmate Ltd Memory Card Hire London

Top Related Stories
Click here for the latest broadcast news stories.

19/04/2017
Cinelex – The Future Of Universal Wireless DMX
UK-based Cinelex launched Project Spectre with a view to create and set the universal standard in professional wireless DMX controls. Following in-dep
20/11/2017
Production News : Peter Kay's Car Share To Return
Peter Kay has announced that his show Car Share is to return to BBC One for two new specials. The comedian confirmed the news during an appearance on
14/11/2017
Ad Sales Pie Share Is Now A Piece Of Cake
Current trends in the ad sales pie share clearly demonstrate that mobile and desktop internet advertising will surpass TV advertising incomes in 2019.
31/08/2017
DPP To Share New Initiatives At IBC2017
The Digital Production Partnership (DPP) will unveil new initiatives in mastering, metadata exchange and cybersecurity at IBC2017, through a variety o
08/06/2017
Duncan Payne Joins Adamantean Board
Duncan Payne has been appointed to the board of Adamantean Ltd. Payne, who was the former Regional Director at Azule Finance, joins fellow directors G
03/10/2017
RTÉ Announces Partnership With Irish Film Board
RTÉ and the Irish Film Board have announced a joint funding initiative for a new comedy. Following the success of shows such as Can't Cope Won't Cope
30/10/2017
NFTS Announces New Additions To Its Board Of Governors
The National Film and Television School (NFTS) has announced that it has appointed BAFTA-winning Producer Andrew Macdonald (Trainspotting; Ex Machina;
19/10/2017
New Board Members For Production Guild Of Great Britain
Two new members have been appointed to the board of the Production Guild of Great Britain. Some returning elected and co-opted members have also been
03/07/2002
Messier to leave Vivendi Universal
The curtain will fall on one of the media industry's most colourful players when Vivendi's Jean-Marie Messier resigns at a meeting of the board today.
01/07/2002
Vivendi chief's position threatened by US faction
According to the Financial Times, Jean-Marie Messier's days are numbered at Vivendi Universal following a move by 13 US-based non-executive directors.
15/11/2017
New CEO And MD For Edgeware
Edgeware has announced the appointment of Karl Thedéen as the new Managing Director and CEO of Edgeware AB. Thedéen will replace Joachim Roos who is s
21/06/2002
Vivendi stock offer to creditor prompts share price slide
Vivendi Universal, one of the world's largest media companies, has seen its share price drop to €23.55 – its lowest in six years – as the company move
14/05/2002
Vivendi relinquishes its £1.7bn of BSkyB shares
Media giant Vivendi Universal have taken the first step in divesting itself of a £1.7 billion stake in digital broadcaster BSkyB. The news was not a t
10/05/2017
An Interview With The Big Wig Company
With 11 years of industry trade behind them, The Big Wig Company are experts in wig making for theatre, film and TV, producing bespoke made-to-measure
04/07/2002
Vivendi turns around but must sell to reduce debt
Vivendi is in a state of flux this week – a new acting chief executive has seen an upsurge in the share price and confidence boosted at the company, b