Those negotiating the agreements that would give Comcast (CMCSA) a 51% stake in NBCU should add wining and dining Vivendi to their list of to-dos.
The French media company apparently has veto power over any such deal.
LA Times: It may own a mere 20% of NBC Universal, but Vivendi is calling the shots when it comes to whether the fabled movie studio and television company will end up in the hands of cable company Comcast Corp. or some other buyer.
That’s because every year in November, Vivendi can opt to sell its stake.
There’s also a little-known clause in the contract between Vivendi and General Electric Co., which owns 80% of NBC Universal, that gives the French media conglomerate veto power on any change in control.
Read the rest of the story here.
What Vivendi decides to do will depend largely on if and when they decide to sell their 20% stake, and how much they can leverage their veto power to get the best price for their piece of the pie.
This “little-known” contract clause buys Vivendi a big seat at the table.
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