EchoStar Communications Corp. confirmed Monday that it has completed the
buyback of Vivendi Universal's stake in the company.
EchoStar even got a bargain in the deal, paying $1.07 billion for the stake,
for which Vivendi paid $1.5 billion last year.
The sale is part of Vivendi's attempt to raise money to whittle down a
grinding $34.4 billion debt load and ward off a potential bankruptcy. The French
media conglomerate gathered in another $1.91 billion Monday by selling one-half
of its stake in Vivendi Environment, a water distribution business.
Vivendi's aim is to raise $16.5 billion by the end of 2004.