Diller resigns post at Vivendi
LOS ANGELES (AP) – Barry Diller resigned as co-chief executive of Vivendi Universal Entertainment, saying it was appropriate for him to step down while Paris-based Vivendi Universal entertains bids for Universal Studios, Universal’s theme parks and other entertainment assets. Diller was appointed interim CEO of Vivendi Universal’s U.S.-based entertainment assets last year while Vivendi Universal concentrated on repaying a massive debt. Cash-strapped Vivendi wants to sell Universal Studios, its Universal theme parks and television production company. Former oilman Marvin Davis has offered $20 billion for VUE, plus Universal Music Group. Vivendi also is holding talks with Viacom, MGM and other buyers interested in acquiring all or parts of its entertainment companies.
Diller served as co-CEO with Vivendi Universal chairman Jean-Rene Fourtou.
“My executive role was never intended to be permanent,” Diller said in a statement Wednesday. “Now that Vivendi Universal has begun a formal process in reviewing options for its entertainment assets, it is appropriate to step aside from any direct management responsibility.”
Diller, 61, remains chief executive officer of USA Interactive, which operates the Home Shopping Network, Ticketmaster, Match.com and Expedia, among other companies, and has a 5.4 percent stake in VUE.
Diller will continue to play a critical role in the future of Vivendi’s entertainment arm. He personally owns 1.5 percent of the joint venture. Diller also owns preferred stock in Vivendi Universal Entertainment.
Diller also is believed to be interested in his own bid for one or more of the entertainment unit’s assets, most likely the film studio.
In a recent interview, Diller told The Associated Press he would be interested in an opportunity to bid as long as it did not require him to serve as chief executive. Diller has maintained his top interest is serving as head of USA Interactive.
Diller has served as head of Paramount and Twentieth Century Fox, where he helped launch the Fox Television network. While at Fox, he was instrumental in creating such shows as “Married with Children” and “The Simpsons.”
He started his entertainment career at ABC, where he is credited with creating the “movie of the week” concept.
Shares of USA Interactive fell $2.08, or nearly 8 percent, to $24.41 in midday trading on the New York Stock Exchange, where Vivendi’s U.S. shares rose 35 cents to $15.15.