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Vivendi Universal’s Head Resigns

March 19, 2003

LOS ANGELES (AP) _ Barry Diller has 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 VUE’s assets.

The entertainment unit includes Universal Studios and Universal’s theme parks.

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.

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