USA Interactive to Buy Warrants From Vivendi
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USA Interactive said it agreed to purchase $407.4 million in warrants to buy its own stock from Vivendi Universal, which is trying to raise cash to pay debt.
Paris-based Vivendi received the warrants to buy USA stock as part of its agreement last year to buy USA’s entertainment business, including the USA and Sci-Fi Channel cable television networks. Vivendi is seeking buyers for the networks and Universal Studios.
Vivendi still owns 56.6 million USA shares and must continue to hold them until at least May 2022 under the terms of the two companies’ agreement.
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