Ending its 15-year investment in Hollywood, Japan’s Matsushita Electric sold its remaining 7.66 percent stake in Universal Studios Holding to Vivendi Universal in a deal worth $1.15 billion. Videndi will now own the studio 100 percent.
Matsushita, which makes Panasonic brand products, said it no longer needed even a small alliance with Universal now that the arrival of online distribution of video requires partnerships with all studios to gain a wide variety of entertainment content.
The move comes at a time that electronics makers are lining up in two camps for the Blu-Ray vs HD-DVD debate.
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