Universal To Move To France-based Vivendi
Created 06/20/2000 - 23:00
files/pictures/picture-35.jpgSeagram Co.-owned Universal Studios, producer of the LAND BEFORE TIME series, will now be housed under the Canal Plus roof. The move is a result of French media mogul Vivendis recently board-approved acquisition of Seagram. The stock for stock deal values Seagram at US$34 billion. Vivendi shareholders will own 60% of the new firm, Seagram shareholders will hold 29% and the minority shareholders in Vivendi-owned Canal Plus will hold the remaining 11%. The new motion picture division of Vivendi will be entitled Canal Plus and will be lead by Canal Plus chairman and CEO Pierre Lescure. This branch of Vivendi will house Universal Studios. Lescure will now assume the title of chief operating officer. How this will affect future animation production at Canal Plus and Universal is yet to be known. However, Lescure will be in charge of the company to best utilize Universals foot hold in the States and Canal Plus presence in Europe to boost visibility for both production houses projects.