VU restructures Canal+

Paris-based Vivendi Universal has confirmed plans to break up its media empire, thereby lightening its US$18.6 billion debt. The plan sees the Canal+ Group transfer its shares in Canal+ Distribution, CanalSatellite, Canal+ Regie, Multithématiques, itelevision, Pathe Sport, Media Overseas, Sogecable and Studio Canal to Canal+ SA, a company on the Paris stock exchange and licensed by the French media authority. VU's international assets, including pay tv operations such as Telepiu in Italy, will be retained by the Canal+ Group, with the goal of selling some or all of them.