Broadcast News

Bookmark and Share

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,
Solidmate Ltd Memory Card Hire London

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

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
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
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
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
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;
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
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.
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.
Piksel Announces New Member Of Its Board Of Directors
Simon Fell has joined the board of directors at Piksel, Inc., after his recent role as the Director of Technology and Innovation at the European Broad
Malaysian Event Management Company Adds Riedel Products To Rental Stock
Riedel Communications' Bolero wireless intercom and MediorNet real-time media network products have been added to the rental inventory of a Malaysian
Philippines Broadcasting Company Selects Gatesair Transmitter
A major Philippines broadcasting company has replaced its ageing transmitter with Gatesair's Maxiva UXTE liquid-cooled transmitter with PowerSmart Plu
AV Tech Company Audico Expands In Sweden
AV tech company Audico Holding Oy has expanded its presence in Sweden with the recent acquisition of Electrosonic AB. Electrosonic AB specialises in i
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
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
How To Use Facebook Or YouTube To Promote Your Company
If you choose to actively promote your video, or if you'd like us to do it for you, there are two key delivery routes to choose from; Facebook or YouT