Vivendi says its cash crisis is over 26 Nov 2002 Investors should not take comfort from the conglomerate's reassurances. Its woes will only be over when it has a business plan. And with core operating income down 23%, it needs a vision quick.
Vivendi rebuffs bid for entertainment assets 21 Nov 2002 Whether Vivendi likes it or not, bidders are snapping round on what s left of Messier s empire. This is because the group has failed to articulate a strategy that investors can believe in.
Vivendi cranks up Cegetel vehicle 20 Nov 2002 Recent disclosures give the outlines of a plan by the conglomerate to buy BT's stake in Cegetel using a special purpose vehicle. Analyse the structure, and Vivendi's plan makes sense as a delaying tactic in the hope of selling at a better price later on.
Vivendi bond buyers forced to short its shares 19 Nov 2002 The hedge funds who invested weren t just allowed to short the stock. They were compelled to. There s method in this madness. But it just rams home how modern finance has taken on AliceinWonderland characteristics.
EMI delivers on costs, but revenues disappoint 19 Nov 2002 The music group has restructured, but the music market is still softening due to piracy and rival media. EMI should perhaps consider exploring consolidation again especially now that European merger policy is in disarray.
Vivendi juices up convertible bond 14 Nov 2002 The media group is effectively selling 7% of its equity at a 29% discount to the share price of a week ago. That's the price a financiallychallenged group has to pay if it wants to raise cash to pay for dubious acquisitions.
AOL over-stated ad revenues by $190m 24 Oct 2002 This won't do anything to endear the internet unit to former Time Warner shareholders. The problem is that there doesn't seem much they can do about it.