Vivendi eyes NBC Uni exit: CFO

Philippe Capron says deal "not there yet"

BARCELONA --Vivendi could exit from U.S. media group NBCU Universal as it has no intention to be part of the future joint venture being discussed by Comcast and General Electric, its chief financial officer said on Thursday.

Philippe Capron also told the Morgan Stanley Media & Telecoms conference that selling its 20% stake in NBCU would give Vivendi "additional financial headroom" after it gained control of Brazil's telecoms operator GVT last week.

"We are not interested in staying on board a new GE-Comcast ownership of NBCU ... we will exit and it will give us more headroom," Capron said, adding "We are not there yet."

Capron later told Reuters on the sideline of the conference: "We have never been closer to the end of this story."

But Vivendi's board had made no decision on the matter, he said.

When asked if negotiations over NBCU were about the price, he said: "It often is."

General Electric, which owns 80% of NBCU, and Comcast Corp. have agreed on the structure of the board for the proposed joint venture with NBC Universal, a person familiar with the matter said last week.

Any deal between GE and Comcast would depend on Vivendi selling its NBCU stake.

Each year between mid-November and mid-December, Vivendi has to decide whether to exercise its put option to sell the stake.

This year, Vivendi is eager to dispose of the stake and is determined to get good value for it, sources have said.

Last week, Vivendi snatched Brazilian telecom group GVT from under Telefonica's nose in a dramatic and high-priced purchase.

Vivendi's bid values GVT at 7.2 billion reais, or about $4.8 billion against Telefonica's offer of $4 billion.

Faced with a more costly acquisition pricetag, Vivendi was however more likely to now sell its holding in U.S. media group NBCU to help fund the deal, some analysts have said.
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