{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Vivendi announces largest loss in French corporate history' data-url='/boclips/videos/5c54bc11d8eafeecae129e2d' data-video-url='/boclips/videos/5c54bc11d8eafeecae129e2d' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nVivendi announces largest loss in French corporate history\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eParis - 6 March 20031. Wide of press conference2. SOUNDBITE (French) Jean-Rene Fourtou, Vivendi Universal Chairman:  \"It would be a euphemism to say that 2002 was a difficult year as we have spent all summer trying to solve \"liquid...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eParis - 6 March 2003\u003cbr/\u003e1. Wide of press conference\u003cbr/\u003e2. SOUNDBITE (French) Jean-Rene Fourtou, Vivendi Universal Chairman:  \u003cbr/\u003e\"It would be a euphemism to say that 2002 was a difficult year as we have spent all summer trying to solve \"liquid assets\" problems and we eventually managed to overcome them. 2003 won't be \"the walk in the park\" we could\u003cbr/\u003eall hope for, especially that the management would be hoping for, it will be the year of transition.\"\u003cbr/\u003e3. Cutaway to audience\u003cbr/\u003e4. SOUNDBITE (French) Jean-Rene Fourtou, Vivendi Universal Chairman:\u003cbr/\u003e\"You will say it's a record, it is a record indeed because we've registered a loss of 23.3 billion euros. It's not as if I feel I was competing with my friend Thierry Breton (France Telecom CEO whose company registered a loss of\u003cbr/\u003e20.7 billion EUROS yesterday). It's firstly the result of an inescapable reduction of activity.\"\u003cbr/\u003e5. SOUNDBITE (French) Jean-Rene Fourtou, Vivendi Universal Chairman: \u003cbr/\u003e\"I know your priority, \"the hot question\" for you is to find out - what is he going to sell, when, where and to whom. As you can imagine, I won't answer your question even if every day in your papers, you are commenting on a meeting, on a potential negotiation. So to answer this before even being asked - I am seeing everybody.\"\u003cbr/\u003e6. SOUNDBITE (English) Jean-Rene Fourtou, Vivendi Universal Chairman: \u003cbr/\u003eQ. \"Is he going to sell to oil tycoon Marvin Davis?\"\u003cbr/\u003e\" I said I would not comment at all, he (oil tycoon Marvin Davis) is very talkative, I am not on that subject,\u003cbr/\u003e7. Vivendi Universal products and assets\u003cbr/\u003eVivendi Universal announced a net loss of 23.3 billion euros (US$25.6 billion) in 2002 on Thursday, the largest in French corporate history. The media giant gave no details about possible sales of its entertainment empire.\u003cbr/\u003eChairman Jean-Rene Fourtou said that 2002 was \"an extremely difficult year for Vivendi Universal,\" while \"2003 will be a year of transition and of financial and economic progress.\"\u003cbr/\u003eEarnings were hit by hefty depreciation in the value of Vivendi's assets. In 2001, the heavily indebted Vivendi posted a loss of 13.6 billion euros.\u003cbr/\u003eThe news conference followed a crucial board meeting to discuss the possible sale of Vivendi's vast entertainment holdings. A disposal is seen as vital to help Vivendi pay off its multibillion-dollar debt and could turn into one of the largest entertainment auctions in years.\u003cbr/\u003eFourtou said the company had been \"approached by several potential partners.\" The company is studying all options, he said, adding that any deals would only made public once they are concluded.\u003cbr/\u003e\"I do not want to answer your questions about what I plan to sell,\" Fourtou told reporters.\u003cbr/\u003eAssets under the spotlight include Vivendi's US television and film businesses, which include the world's biggest music company, Universal Music Group, the Universal film studio and theme parks, as well as the USA and Sci-Fi cable networks.\u003cbr/\u003eMost analysts say the company's directors have three basic options: a block sale, an initial public offering or a partial asset disposal.\u003cbr/\u003eLeading contenders for the television and film units include Viacom Inc., the US entertainment company, General Electric Co.'s NBC and Metro-Goldwyn-Mayer.\u003cbr/\u003eFormer oil tycoon Marvin Davis has made a US$20 billion bid for all the entertainment assets but has threatened to withdraw the offer unless Vivendi agrees to exclusive talks.\u003cbr/\u003eThe company has already been selling off assets to trim its debt.\u003cbr/\u003eAs of December 31, Vivendi Universal's net debt was 12.3 billion euros (US$13.50 billion), compared to 37.1 billion euros a year earlier, the company said.\u003cbr/\u003eFourtou said the company is \"determinedly carrying through our 7 billion euro asset disposal plan for this year.\"\u003cbr/\u003eRevenues came in at 28.7 billion euros (US$31.50 billion), compared to 57.4 billion euros in 2001. Operating profit was 2 billion (US$2.20 billion), compared to the figure a year earlier of 3.8 billion.\u003cbr/\u003eVivendi broke a record on French corporate loss that was only a day old. 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