Diller considering joint bid with Viacom for Vivendi-Universal Entertainment

Posted Wednesday, July 16, 2003 5:20 AM | Contributed by Jeff

Barry Diller, a former Vivendi executive who owns a stake in the entertainment assets, is eyeing the multi-billion-dollar auction of the film, television and theme park business, and has been discussing a possible deal with billionaire Redstone, the sources said. Under a standstill agreement set in place when Diller originally sold his USA Networks business to Paris-based Vivendi , Diller is not formally allowed to bid in the auction. But Vivendi, the world’s second largest media group, is keen to secure a deal to cut debt — and it might waive that clause if Diller teams up with another bidder to make a late entrance to join a high-profile bid battle, one source said.

Read more from Reuters via MSNBC.

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