PARIS — Vivendi has informed GE of its decision not to exercise its exit rights with respect to NBC Universal in January 2007. Vivendi will remain a shareholder in NBC Universal, in which it has a 20% stake.
Simultaneously, the agreements between Vivendi and GE have been modified. The timeline of Vivendi’s right to demand an IPO of NBC Universal and of GE’s right to call Vivendi’s interest have been extended.
Vivendi’s demand right can now be exercised in November each year from 2007 to 2016 with the closing at market value taking place over the following year. Similarly, the call option in GE’s favor can be exercised in May each year from 2011 to 2017 with a floor price of $8.3 billion that will increase each year from May 2009 based on the US Consumer Price Index.