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Vivendi continues slash-backs
By Jon Newton, p2pnet.net
(more articles from this author)
2002-11-07
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Music Industry News - as it happens
Source: MusicDish/Mi2N - November 1, 2002

Yet another Vivendi Universal publishing business is about to go.

Vivendi has started "exclusive negotiations" with a consortium formed by Thomas H. Lee Partners, Blackstone Group, Bain Capital and Apax Partners with a view to disposing of Vivendi's Houghton Mifflin.

"The sale is expected to go ahead on the basis of an enterprise value of Euro 1.75 billion, representing 1.4 times Houghton Mifflin's 2001 revenue and 9.5 times its 2001 EBITDA after bookplate amortization," says Vivendi."

It goes on the list of Vivendi operations (excluding its games businesses) which have been completed, or are still under way, since January 1, 2002 and which amount to an enterprise value of Euro 4.3 billion (professional press, Comareg, Groupe L'Express-L'Expansion, Houghton Mifflin and the publishing businesses in Europe and Latin America).

Vivendi Universal says it's, "targeting disposals of Euro 12-billion-worth of assets over 18 months (excluding Cegetel and Vivendi Environnement), under satisfactory conditions for shareholders despite difficult markets."

The company adds that this gives it an advance of over one quarter on its initial schedule, which planned for asset sales worth Euro 5 billion by March 2003.

Related News from Mi2N:
» Vivendi Universal Plans To Sell Houghton Mifflin


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