Vivendi Universal said it may consider sale of $1.5 billion stake...
Vivendi Universal said it may consider sale of $1.5 billion stake in EchoStar as part of drive to sell 10 billion worth of assets during next 2 years. Vivendi purchased 57 million shares (19.3% stake) of EchoStar stock in…
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Dec., proceeds from which were to partially fund latter’s planned acquisition of Hughes Electronics. Vivendi’s Canal Plus subsidiary also was to development interactive applications for EchoStar’s satellite service. Vivendi is barred from selling EchoStar stock pending outcome of proposed purchase of Hughes, EchoStar spokesman said. Vivendi CEO Jean-Rene Fourtu, however, maintained that sale of stake, “depending on the loss, is something that we could do immediately if wanted.” FCC is expected to complete review of deal this fall. Vivendi also has seat on EchoStar board, that was previously filled by former Chmn. Jean-Marie Messier, who was ousted earlier this year.