Vivendi May Sell Publishing Business
Struggling French media giant Vivendi Universal may sell its publishing business for as much as $5 billion, sources familiar with the matter said.
Vivendi is in talks with private equity firms, including Blackstone Group and Apax Partners, to sell Boston book publisher Houghton Mifflin as well as its entire European book publishing operation.
New Vivendi Chief Executive Jean-Rene Fourtou previously had indicated the company was not planning to unload the European publishing business. But as he seeks to close a much-needed $2-billion loan from European creditors, Fourtou is said to be weighing all options to stem a cash crisis.
Vivendi last week sold its French magazine business and its struggling Internet venture Vizzavi. The company’s plans for Universal Studios and its other U.S. assets remain unclear.
