Vivendi (EPA: VIV) SA has yet to decide whether it will keep its 20 percent stake in NBC Universal or exercise its annual option to sell, CEO Jean-Bernard Levy told analysts at a Morgan Stanley conference in Barcelona today. According to Bloomberg, Levy said: “Right now, considering the general expectations for the value of the assets, the dividend flow we get from NBCU is very good. … We will have to make a decision to optimize the proceeds that we get from NBC Universal (NYSE: GE). We will probably find a better allocation of assets at the right time, in the right environment.” This may not be the time given NBCU’s decent performance in a rough environment but he left the window wide open: “We will have to make the decision in the next two to three weeks, so you will hear about it shortly.” The deadline is in early December.
Vivendi has an annual option through 2016 to call for an IPO to sell the stake; GE has the right to pre-empt that by buying it. Immelt told Bloomberg earlier this week that GE would do just that: “They have been a terrific partner. I’m not anxious to do it because they have been a good partner, but I would do it in a heartbeat.”