Universal Studios Sells Stake in Mediterranea

Universal Studios has sold its 37% stake in theme park resort Universal Mediterranea in Spain to Spanish bank and partner La Caixa for $30 million.

A Universal Studios spokeswoman confirmed the sale and said the NBC Universal unit would remain involved in the resort through a licensing agreement, but declined to comment further.

Universal had acquired its stake in Universal Mediterranea in 1998 and developed two adjoining hotels and a water park at the resort. Sources familiar with the deal said La Caixa, one of several investors, was eager to buy out Universal’s stake and expand the struggling resort.

The deal comes as Universal’s theme park group has been cutting costs and scaling back expansions to improve its bottom line. General Electric Co.’s NBC purchased Vivendi Universal’s U.S. entertainment assets in May.

-- Richard Verrier