MusicDish e-Journal - November 24, 2017
MusicDish Advertising Network
Search MusicDish e-Journal (Advanced)
Subscribe To MusicDish e-Journal
About | Contact | Advertise | RSS | Submit Article | Submit News | Artist Development | Premium PR Distribution
Mi2N | MusicDish*China | MusicDish Network | MusicDishTV | Urban Music News Network

Troubled Vivendi
By Jon Newton,
(more articles from this author)
Comment | Email | Print | RSS

Music Industry News - as it happens
Source: MusicDish/Mi2N - May 3, 2002

Moody's Investors Service recently downgraded Vivendi Universal's long-term senior debt ratings and is thinking about doing the same to its utilities arm, Vivendi Environment.

Vivendi thinks hackers may have been behind a "malfunction" in voting at its shareholders meeting on April 24.

And now its financial woes mean it'll have to make a cash payment of $250 million next year to Herb Alpert and Jerry Moss, founders of Rondor Music International, a music publisher bought by Seagram (owned by Vivendi) in 2000.

"When it acquired Rondor, Seagram committed to pay Messrs. Alpert and Moss the $250 million in cash if the shares of Vivendi Universal fell below $37.50 for 10 consecutive days," said Dow Jones Business News on May 3.

Vivendi's shares have dropped 45% since the beginning of the year.

Vivendi chairman Jean-Marie Messier is, "trying to restore his standing with investors," said the report. "In the next few months, analysts say Mr. Messier must show shareholders that he is ready to get his hands dirty managing the huge company and put an end to the serial deal-making that investors have become wary of.

"He also must restore confidence in his strategy, the crux of which is to someday deliver movies and music on demand to consumers via cellphones and TV sets."

As far as the voting problem goes, Vivendi said in a statement that a joint petition has been filed with the Paris Commercial Court by Vivendi Universal, Société Générale and Compagnie de Saint Gobain.

"Following a hearing on May 2," said Vivendi, "the Court: officially noted a malfunction in the tabulation of the votes cast during the Shareholders Meeting; formally acknowledged to Vivendi Universal that its Board of Directors would have the authority to convene another Shareholders Meeting as soon as possible.

"The aim of this meeting would be to re-determine the vote count on the resolutions that were not adopted on April 24, the results of which may have been affected by this malfunction. The Court also gave its permission for a re-vote to take place on the resolutions that were approved by the shareholders, in order to confirm the original results, if necessary.

"Based on the foregoing and the fact that the Court has determined that the resolutions passed at the meeting would stand as voted, the dividend will be able to be paid on May 13, 2002, as previously announced.

"Lastly, the Court agreed to Vivendi Universal's request for an independent expert to investigate the voting aberrations. The expert's assignment will be to ascertain the origin of the malfunction in the voting system and, in particular, to determine whether a possible 'hacking' of the voting system took place at the meeting.

"The expert will have six weeks to carry out the assignment and will examine the evidence submitted by Vivendi Universal to a Court Officer. This investigation will include a study of the electronic voting machines, a copy of the central computer's hard drive and the antenna of the voting system."

Home » News Beat » Troubled Vivendi
Email |Print |Comment |RSS

back | top

MusicDish Advertising Network

News Beat

» Nordic & British Musicians' Unions' Joint Statement on Sexism in the Music Industry

» Women Make An Impact On The 2018 MPG Awards Shortlist

» Two-Sides of Copyright Finance: Sound Royalties & Kobalt

» Career Moves: ROLI, Live Nation Sweden, Music Glue, BBR Music Group, Warner/Chappell Music Spain & Blue Night Soundscapes

» Europe's Digital Music Leaders Form Alliance

News Beat Directory

» [2017-11-21] Joint Statement By The Nordic Musicians' Unions And British Musicians' Union; Discussions On The Issue Of Gender Inequality, Sexism And Sexual Harassment, The Scale Of Which Had Been Highlighted By The Recent #metoo Campaign

» [2017-11-13] Women Make An Impact On The 2018 MPG Awards Shortlist; Nearly A Quarter Of Those Named This Year Are Female, Proving That Music Production Is No Longer A Bastion For The Boys

» [2017-11-13] The Nashville Musicians Sound Healthcare Plan Rolls Out; Sound Healthcare & Financial Announced The Formation Of A True Group Health Insurance Policy Plan For Musicians And Industry Professionals

» [2017-11-09] Streaming & Listening Diversity - Spotify Case Study; Will Artists Have An Easier Time Finding An Audience, Or Will Streaming Focus Global Attention On A Small Number Of Stars?

» [2017-11-09] Two-Sides Of Copyright Finance: Sound Royalties & Kobalt; Sound Royalties Unearths Millions In Undistributed Royalties While Kobalt Launches Fund To Invest In Music Copyright

» [2017-11-08] Career Moves: ROLI, Live Nation Sweden, Music Glue, BBR Music Group, Warner/Chappell Music Spain & Blue Night Soundscapes; ROLI Chief Creative Officer, Live Nation Sweden Managing Directors, Music Glue Global Head Of Business Development, BBR Music Group VP Of International, Warner/Chappell Music Spain Managing Director And Blue Night Director Of Music Clearance

» [2017-11-08] Europe's Digital Music Leaders Form Alliance; European Digital Music Companies Launch Of Digital Music Europe

» [2017-11-05] Pandora Subscriber Base Grows To Over 5 Million; Pandora Premium Paid Subscribers Cross The 1 Million Milestone In October 2017

» [2017-11-05] Hybrid Studios Announces Online Mastering Services; Engineers Billy Klein And Brian Frederick Spearhead New Online Mastering Effort Through OC Studio

» [2017-11-05] Music Industry Betting On VR & AR For New Revenue; The Music Industry Is Making An Early Bet On VR & AR To Create New Revenue Streams Across All Their Lines Of Business

» [2017-11-04] Sound Royalties Unearths Millions In Undistributed Royalties; Nearly $14 Million In Undistributed Royalties Has Been Found By Music-focused Finance Firm Sound Royalties

» [2017-11-02] MusicDish*China October China Label Music Releases And Charts; Several Tracks From October Releases Have Charted On Chinese Music Portal Kanjian ING Top 10 Weekly Chart
MusicDish Advertising Network

follow MusicDish on
Follow MusicDish on Twitter

Mi2N Music PR

Hybrid Studios To Sponsor Unsigned Only 2018

Twice The Holiday Feel-Good Vibe From NYC Indie Rockers

LOVE MY COUNTRY! Is The Ultimate Compilation Series Featuring 20 Hot New Hits

Getting Restless

Your Favorite Color Releases "Heartache"

Melvin Alan Album "Wonderful Life"

Jean Louisa Kelly Presents A Personal Collection Of Songs From The American Standards And Musical Theater

Websites: Mi2N | MusicDish*China | MusicDish Network | MusicDishTV | Urban Music News Network
Services: Submit Article | Submit News | Submit Video | Artist Development | Premium PR Distribution

Copyright © 1997-2017 MusicDish LLC., all rights reserved.
About MusicDish e-Journal | Contact Us | Advertise | RSS | Internships