Vivendi Narrows Its Net Loss (VIVDY)

Vivendi SA (OTC:VIVDY) narrowed its quarterly net loss by 32%. The entertainment company posted a $1.3 billion net loss for the quarter ended on Dec. 31, after providing $746 million for possible fines from U.S. lawsuits filed against it. Vivendi (VIVDY) reported 7.61 billion euros in revenue. The French media giant also said that it expects positive growth in 2010.

Last year, the company was found guilty of lying about its finances. Vivendi’s chairman Jean-Bernard Levy said, “Vivendi will continue to vigorously defend the company and its current shareholders against the unfounded claims we and they are suffering." Vivendi sold its 20% stake in NBC Universal to General Electric (NYSE: GE). It also acquired Brazilian company GVT for 2.8 billion euros. Vivendi owns Universal Music Group, the largest music company in the world.