Liberty Media drops out of Vivendi asset bid

27 Aug 2003

Paris-based Liberty Media announced yesterday that it was dropping out of the bidding process to purchase the entertainment assets of Vivendi Universal, claiming the USD14 billion asking price was too high. The battle for the assets has now become a head-to-head race between Vivendi vice chairman Edgar Bronfman Jr. and American TV broadcaster NBC. Meanwhile Liberty Media has been given approval from the European Commission to purchase part of TV channel QVC from US cable TV company Comcast. It will pay USD7.9 billion for a 57.5% stake in the channel.