Vivendi announces €23bn loss

Media giant Vivendi Universal announced a net loss of €23bn last year - the largest in French corporate history.

Chairman Jean-Rene Fourtou said that 2002 was “an extremely difficult year,” while ”2003 will be a year of transition and of financial and economic progress.”

He spoke after a crucial board meeting to discuss the possible sale of Vivendi’s vast entertainment holdings.

A disposal is seen as vital to help Vivendi pay off its multibillion-euro debt and could turn into one of the largest entertainment auctions in years.

Assets under the spotlight include Vivendi’s US television and film businesses, which include the world’s biggest music company, Universal Music Group, the Universal film studio and theme parks, as well as the USA and Sci-Fi cable networks.

Vivendi broke a record on French corporate loss that was only a day old. On Wednesday, France Telecom reported a net loss of €20bn last year.