Vivendi, Barry Diller sign agreement opening the way for VUE-NBC merger

0 Comments | AFP, April, 2004

PARIS (AFP) — French communications and media group Vivendi Universal said it had signed an agreement with InterActiveCorp, the holding firm of US media tycoon Barry Diller, opening the way for the merger of its US unit and GE's NBC.

Vivendi said it and IAC had "agreed on the form" of the letters of credit IAC would receive in return for unwinding its shareholding in Vivendi's Vivendi Universal Entertainment US business.

The French company needed an agreement with IAC in order to complete the sale of its Vivendi Universal Entertainment unit to General Electric Co's NBC.

Vivendi also said it will drop its pending lawsuit against IAC once the arrangement with Diller's company goes into effect.

No financial details were given.

Vivendi had been...