Vivendi May Sell Its EchoStar Stake
Vivendi Universal may try to sell its $1-billion stake in EchoStar Communications Corp. to trim debt after the U.S. satellite television service provider abandoned plans to buy a rival, investors said.
EchoStar dropped its $27-billion proposed purchase of Hughes Electronics Corp. on Tuesday amid opposition from regulators. That leaves aVivendi free to shed the 10% of EchoStar it bought in January.
The terms of the EchoStar accord kept Vivendi from selling its stake until regulators either cleared or blocked the company’s planned purchase of Hughes, according to filings with the Securities and Exchange Commission.
EchoStar shares rose 63 cents to $21.72 on Nasdaq.
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